Businesses confront escalating perils call for increased focus on scam deterrence

In the past year, South Africa has seen a significant shift in the fight against financial crime, with the launch of VOCA, an automated FIC compliance solution by SearchWorks. Designed to help accountable institutions comply with legislation without the heavy administrative burden, VOCA has made strides in simplifying adherence to the FIC Act.

VOCA has been met with positive client feedback, with firms describing it as user-friendly and noting significant time savings, smoother onboarding, and a marked reduction in compliance risk. By automating compliance, ongoing monitoring, and customizable process flows that fit each client's RMCP, VOCA has proven to be a valuable asset in the ever-evolving landscape of financial crime.

The solution, seen by SearchWorks as a strategic extension of its trusted data platform into the compliance lifecycle, aims to better equip South African businesses to face the dual pressures of fraud and regulation. By embedding verification into everyday workflows, companies can reduce their exposure to fraud without causing unnecessary disruption.

Over the past year, VOCA has onboarded 294 new companies across various sectors, including attorneys, estate agents, auditors, insurers, financial institutions, consultants, and property developers. This growth is a testament to the solution's effectiveness in addressing the concerns of identity theft and the creation of fraudulent bank accounts, which are significant issues in South Africa's financial sector.

As criminal innovation continues to compel companies to rethink their strategies for safeguarding operations and protecting clients, prioritising data-driven verification can help businesses reduce their risk and improve their resilience in a hostile environment.

The roadmap for VOCA includes employee screening services, foreign national verification, and deeper integrations with accounting and conveyancing applications. This continued development ensures that VOCA remains a comprehensive solution for managing FIC requirements efficiently and confidently.

SearchWorks has been proactive in conversations about fraud prevention, demonstrating how reliable data can be used to verify clients and vendors. The CPT Business Summit, Seamless Africa, and the ACFE conference have prioritised fraud prevention in their agendas, further highlighting the importance of solutions like VOCA in the fight against financial crime.

However, it's worth noting that there is no publicly available information specifying which companies have adopted VOCA in the past twelve months. As the fight against financial crime continues, it will be interesting to see how many more businesses choose to leverage VOCA's proven compliance impact.

Businesses confront escalating perils call for increased focus on scam deterrence