How the IAFCI is strengthening SA’s defences

According to the Nasdaq Verafin 2024 Global Financial Crime Report, global financial crime losses were estimated to exceed more than $ 3.1 trillion in 2023. 

The local landscape reflects the same outlook, with financial crime accounting for more than R3 billion in economic losses in 2023 alone. As the South African Banking Risk Information Centre reported, the majority of these crimes fall under digital fraud, card fraud and financially-motivated contact crimes. The scale of these figures is indicative of a 'financial crime epidemic'.

Combating financial crime with collective action

In the Nasdaq report, respondents highlighted the importance of public-private partnerships as well as information sharing between banks to keep ahead of this growing threat. In this regard, the work of organisations like the International Association of Financial Crimes Investigators (IAFCI) is becoming ever more critical. As a non-profit international organisation, the International Association of Financial Crimes Investigators (IAFCI) connects law enforcement, private sector investigators, cybersecurity specialists, prosecutors and financial institutions in an effort to prevent and investigate financial crime.

According to President of IAFCI Western Cape Chapter and well-known forensic auditor, Christo Snyman, the organisation evolved as a result of a clear need to address the increasing complexity of financial crime. Its mission is simple, says Snyman: "to create an environment where information about financial crime, investigative techniques, and fraud prevention can be accessible for the common good of the global financial industry. We live in a time where digital scams, data breaches, and online gambling-related laundering schemes are thriving, so this collaborative approach is vital."

Through the years, IAFCI has become a centre of training and inter-agency coordination. "Financial crime is no longer found in isolated incidents," says Snyman. "It's systemic, cross-border, and most of the time, enhanced by technology. An organisation like IAFCI gives us the international tools and local networks to effectively fight back.  The wider our reach, the broader the impact."

Leading seminar provides platform for solutions

One of the highlights of IAFCI's annual calendar is its Fraud Prevention and Financial Crimes Seminar, sponsored by Bowmans. The seminar, which took place at the end of May, brought together a diverse group of fraud investigators, compliance professionals and legal experts to discuss pressing issues in financial crime.

An expert line of speakers delved into real-world case studies, investigative techniques and preventative frameworks that can be applied across both public and private sectors. Important topics of discussion also included the latest trends and developments in cybercrime, identity theft, kidnapping and the misuse of financial platforms for illegal money laundering. Now in its third year running, the seminar continues to serve as a vital platform for fostering collaboration, sharing practical knowledge, and strengthening the collective response to financial crime.

Rebuilding trust

"The cost of financial crime in South Africa is enormous – both in monetary terms and in terms of its destruction of public trust," Snyman notes. "The IAFCI plays a crucial role in restoring that trust, particularly as many companies face increasing digital threats with limited resources."

With decades of experience in forensic auditing, Snyman brings not only technical expertise but a deep understanding of the impact that financial crime has on the local business sector and society at large. His work with CS Forensics, investigating large-scale corporate fraud cases, complements IAFCI's broader mission and provides practical insights that fuel ongoing training and policy advocacy.

With rising cases of online crime, especially through payment systems and gambling platforms, IAFCI Western Cape is advocating for tighter compliance with the Financial Intelligence Centre (FIC) Act, improved due diligence, and smarter collaboration between financial institutions and law enforcement.