The PWC Global Economic Crime and Fraud survey 2018 South Africa cites that South Africa has the highest level of fraud in the world. PWC’s 2018 Fraud Report estimates that R100 billion was lost in revenue due to fraud.
In our age of all things digital, high value documents can be fraudulently altered within minutes with free PDF hackers, but technology can also provide a solution.
The DigSig from iPLATE Technology is fighting fraud on the front lines. It is the first and only technology that can actively protect businesses against fraud. “Scanners, PDF documents and universal fonts make forging a document child’s play,” says Nicola Tempest, Director at iPLATE. “The solution lies in making information on these documents ‘unalterable’.
Revolutionary anti-fraud technology, a first in South Africa, creates a DigSig, or digital signature, secured in a QR code that is embossed onto a document or encrypted onto a digital platform. The DigSig secures the authenticity of the information by securing the information digitally, thereby protecting the original data and making it immune from alteration.”
The iPLATE DigSig is a revolution in the fight against counterfeit documents like pay slips, proof of payment, proof of accounts, title deeds and academic qualifications.
The cost of proactively preventing fraud pales in comparison to the costs that are incurred to prosecute it. 19% of South African organisations have had to spend between twice and ten times as much on investigations as the original amount lost. (PWC Economic crime survey 2018)
“The DigSig is a digital signature secured in a QR code that is embossed onto a document or encrypted onto a digital platform,” explains Tempest. “The DigiSig secures the authenticity of the information by securing the information digitally, thereby protecting the original data and rendering it immune from alteration or forgery. The authenticity of the information can be checked using the iPLATE app that is easy downloaded from both Apple and Android app stores.”
“Levels of detection are still being outpaced by fraud risk. The rules are changing for businesses, profoundly and irreversibly, with tolerance for corporate and/or personal misbehaviour vanishing. Not only is public sensitivity about corporate misconduct at an all-time high; in some cases, corporations and leaders are also being held responsible for past behaviour, when the ‘unspoken rules’ of doing business might have been more lax. PwC’s 21st CEO Survey underscores this theme, with chief executives citing trust and leadership accountability as two of the largest business threats to growth. All of this points to a heightened risk of incidents of fraud or economic crime occurring, and to a need for organisations to take the lead in preventing it before it can take root”, says the PwC 2018 report on economic crime.
“We’re excited to be bringing this innovative technology into South Africa which is already having significant impact among both small and large businesses,” says Nicola.