Businesses grapple with escalating dangers as efforts to thwart fraud become paramount

In the ever-evolving landscape of financial crime, South African businesses are facing significant challenges, particularly with identity theft and fraudulent bank account creation being major concerns. However, one company is making strides in addressing these issues and helping businesses navigate the complex world of fraud prevention and compliance.

SearchWorks, a leading data platform provider, has extended its services with the launch of VOCA, an automated FIC compliance solution. Introduced a year ago, VOCA has been designed to help accountable institutions adhere to legislation with reduced administrative burden, all while minimising disruption to everyday workflows.

The user-friendly VOCA offers automated compliance, ongoing monitoring, and customisable process flows tailored to each client's Risk Management Compliance Programme (RMCP). This approach has resonated with clients, with numerous firms praising VOCA for its ease of team adaptation and user-friendliness.

In the past year, VOCA has onboarded 294 new companies from various sectors, including attorneys, estate agents, auditors, insurers, financial institutions, consultants, and property developers. The system simplifies adherence to the FIC Act and builds long-term value by reducing the risk of penalties and reputational damage.

Many clients have reported significant time savings, smoother onboarding, and a reduction in compliance risk. Prioritising data-driven verification can help businesses reduce their risk and improve their resilience in an increasingly hostile environment.

The success of VOCA has not gone unnoticed. Major events such as the CPT Business Summit, Seamless Africa, and the ACFE conference have prioritised fraud prevention in their agendas this year, with VOCA being a key topic of discussion.

SearchWorks' strategic extension of its data platform into the compliance lifecycle aims to better equip South African businesses to face the challenges of fraud and regulation. The newest automated FIC compliance solution from SearchWorks, "FIControl Pro," is set for release soon, with future plans including employee screening services, foreign national verification, and deeper integrations with accounting and conveyancing applications.

In the face of criminal innovation, businesses must rethink their methods for safeguarding operations and protecting clients. With VOCA, SearchWorks is providing a solution that not only meets but exceeds these needs, ensuring that businesses can operate with confidence and peace of mind.

Businesses grapple with escalating dangers as efforts to thwart fraud become paramount