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SOUTH AFRICANS SAVE – BUT INTO STOKVELS
According to the latest Old Mutual Savings and Investment Monitor, 74% of the black middle class that participated in the survey have some form of informal savings in a stokvel or have unbanked cash.
“The research from the 2017 Old Mutual Savings and Investment Monitor reveals that stokvels continue to grow,” says Ntombi Tisani, head of marketing at Old Mutual Personal Finance.
“Forty-two percent of black metropolitan South Africans who earn more than R40 000 income per month belong to more than one stokvel. Of those earning more than R20 000 per month, 44% belong to a stokvel and report that, if they can’t meet expenses at the end of the month, they will borrow from their stokvel.”
But Tisani warns that there are some disadvantages of saving in a stokvel, including limited access to cash; low interest earned, as stokvels typically make use of basic savings accounts; lack of governance and regulation, which could leave some investors vulnerable to fraud and negligence; and inflexibility, as some funds within the stokvel may not be easily transferable.
SAFPS IDENTIFIES FRAUDSTER CHARACTERISTICS
The SA Fraud Prevention Service (SAFPS) says it can now identify certain characteristics of fraudsters. Its findings come after it surveyed a control sample of 50 000 credit-active consumers, who were randomly selected and between the ages of 19 and 65.
The SAFPS found that fraud perpetrators tend to have high-risk bureau profiles. However, depending on the risk appetite of the lender, not all fraud perpetrators would be declined if the assessment was based purely on a creditrisk score.
There are slightly more perpetrators aged between 25 years and 30 years than there are between 30 years and 35 years, the results show.
The highest proportion of fraud categorised by false documents and employment is committed by perpetrators between 25 years and 30 years.
The highest proportion of fraud categorised by impersonation is committed by perpetrators between 30 years and 35 years.
It also found the highest proportion of fraud committed by perpetrators from Gauteng is categorised by impersonation. In KwaZulu-Natal, the highest proportion of fraud is in false documents. In the Eastern Cape, Western Cape, Mpumalanga and North West fraud is categorised by employment.
HPCSA WORKS WITH POLICE TO ARREST BOGUS PRACTITIONER
The Health Professions Council of SA (HPCSA) and law enforcement agencies collaborated to raid the practice of Mashela Marthina Mokgabudi, who was practising at 102 Bophelong Centre in Springs. Mokgabudi was struck off the HPCSA’s register as a physiotherapist back in 2013, but it was found she was still practising as a medical practitioner and using the title of doctor.
The SA Police Service arrested her and she was held at the Springs police station.
“Members of the public are advised to consult healthcare professionals whose credibility is known in their areas. In cases of new practitioners, the public is advised to check their status with the HPCSA before embarking on consultations to ascertain the healthcare professional’s authenticity,” the HPCSA warned.