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LEGALLY SPEAKING: S/Africans are lying to secure car and home loans

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South Africans are lying to secure car and home loans – and getting away with it.

The latest South African Banking Risk Information Centre Annual Crime Statistics (Sabric) report shows a drastic increase in the number of fraudulent Vehicles Asset Finance (VAF) applications as well a slight – but felt – increase in home loan fraud.
Sabric looked at fraud-related information provided by major financial institutions such as Capitec, Bidvest, Absa, Discovery Bank, FNB, Standard Bank and others. It said that the statistic used covered the period from 1 January to 1 December 2021.
Criminals are taking it upon themselves to try their luck in getting their hands on large sums of money. Vehicle financing company Wesbank reported that the average value of cars financed in August of this year was R337,252.
26 Oct 2022 6AM English South Africa Business News · Investing

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