How Identity Fraud Is Costing SA Businesses Millions
Have you ever considered what fraud might be costing your business?
It’s tempting to think of fraud as a problem only large enterprises face—those with thousands of staff and big-budget security operations.
But that kind of thinking can be risky. Fraud is a growing threat across all business sizes—and mid-sized companies are particularly vulnerable.
Why? Because smaller organisations often lack the same security layers, internal policies, and cyber awareness training that larger companies rely on.
We’re specifically talking about identity fraud. This happens when someone pretends to be a trusted individual—such as a team member, supplier, or client—in order to gain access, steal money, or compromise your systems.
You might receive an urgent email, supposedly from your finance manager, asking for an immediate payment. Or a criminal could use stolen login details to access sensitive tools and data.
One of the most common vulnerabilities? Simple stolen usernames and passwords. It’s an old tactic—but one that still works surprisingly well.
And now, with AI-powered scams, the threat is even harder to detect. Fraudsters can convincingly fake emails, voices, and even video content to impersonate someone within your business.
In fact, nearly 7 in 10 businesses say they’ve seen a noticeable increase in fraud attempts over the past year.
There’s good news, though.
Businesses that invest in stronger identity protection—like biometrics, device recognition, and AI-based fraud detection—are seeing fewer incidents and real savings.
Even small improvements in your current setup can make a huge difference. Start with your login procedures:
- Are your passwords unique and randomly generated across platforms?
- Do you use multi-factor authentication (MFA) that confirms identity via a second device?
- Has your team received training to spot phishing emails and suspicious behaviour?
Strong security shouldn’t slow your team down. The aim is smart, user-friendly protection that keeps your business secure without adding friction.
Want help reviewing your current systems or choosing the right tools for your setup?
Let’s chat. GZD’s team is here to support your business with practical, cost-effective IT security solutions.
