Businesses bracing for growing threats confront increased focus on fraud prevention measures

South Africa is currently grappling with a surge in financial crime, with identity theft and the creation of fraudulent bank accounts being significant concerns. In response to this growing problem, companies are rethinking their methods to safeguard their operations and protect their clients from fraud.

One solution that has gained traction is VOCA, an automated FIC compliance solution launched a year ago by SearchWorks. VOCA has been evolving over the past year with enhancements such as RMCP provider integrations, updated onboarding workflows, and compliance questionnaires.

The new version of VOCA, set for release soon, includes employee screening services, foreign national verification, and deeper integrations with accounting and conveyancing applications. By embedding verification into everyday workflows, companies can reduce their exposure to fraud without causing unnecessary disruption.

VOCA has been successful in helping accountable institutions comply with legislation without the heavy administrative burden. In the past year, VOCA has onboarded 294 new companies across various sectors, including attorneys, estate agents, auditors, insurers, financial institutions, consultants, and property developers.

The positive feedback from firms using VOCA highlights its user-friendly nature, significant time savings, smoother onboarding, and reduction in compliance risk. VOCA simplifies adherence to the FIC Act and builds long-term value by reducing the risk of penalties and reputational damage.

For SearchWorks, VOCA represents a strategic extension of its trusted data platform into the compliance lifecycle, ensuring that South African businesses are better equipped to face the dual pressures of fraud and regulation.

The importance of fraud prevention has been highlighted at various industry events. The CPT Business Summit, Seamless Africa, and the ACFE conference have prioritised fraud prevention in their agendas. SearchWorks has also demonstrated how access to reliable, accurate data can help businesses verify clients and vendors before engaging with them.

Despite the proven impact of VOCA, there are no publicly available search results indicating which companies have adopted the VOCA compliance system in the last twelve months or the industries they belong to. However, as financial crime continues to be a significant issue in South Africa, the adoption of solutions like VOCA is likely to become more widespread as businesses prioritise data-driven verification to reduce their risk and improve their resilience in a hostile environment.