Fraud prevention takes centre stage as businesses face mounting risks
Fraud is no longer a peripheral concern raised only in compliance meetings – it has become a headline issue at major business gatherings. This year’s CPT Business Summit, Seamless Africa and the ACFE conference all placed fraud prevention at the heart of their agendas, underscoring the scale of the threat and the urgency for solutions.
South Africa remains a hotspot for financial crime, with identity theft and the creation of fraudulent bank accounts among the most pressing risks. The surge in criminal innovation has forced companies to rethink how they safeguard their operations and protect their clients.
SearchWorks has taken a proactive role in these conversations. Through its exhibitions at the recent events, the company has demonstrated how access to reliable, accurate data allows businesses to verify clients and vendors before engaging with them. By embedding verification into everyday workflows, companies can reduce their exposure without creating unnecessary disruption. VOCA, SearchWorks’ compliance platform, further strengthens this position by providing a complete solution to manage FIC requirements with efficiency and confidence.
The message is clear: fraud is evolving fast, but so are the tools designed to fight it. Businesses that prioritise data-driven verification will not only reduce their risk but also improve their resilience in an increasingly hostile environment.
VOCA at one – a year of proven compliance impact
Launched a year ago, VOCA was created to close a critical gap in the market: an automated FIC compliance solution that helps accountable institutions act in line with legislation without the heavy administrative burden. In just twelve months, VOCA has onboarded 294 new companies across a diverse range of sectors – from attorneys, estate agents and auditors to insurers, financial institutions, consultants and property developers.
Client feedback has been overwhelmingly positive. Firms describe the platform as user-friendly and note how easily teams have adapted to it. Many report significant time savings, smoother onboarding and a marked reduction in compliance risk. One client captured the sentiment well: “Moving over to VOCA has been a very pleasant experience and we are thoroughly enjoying working on this platform.” Another commended the support team’s responsiveness and the way VOCA has streamlined their operations.
Beyond ease of use, VOCA has introduced automated compliance, ongoing monitoring and customisable process flows that fit each client’s RMCP. The result is a system that not only simplifies adherence to the FIC Act but also builds long-term value by reducing the risk of penalties and reputational damage.
Over the past year, VOCA has continued to evolve. Enhancements such as RMCP provider integrations, updated onboarding workflows and compliance questionnaires have expanded its capabilities, with a new version set for release soon. Looking ahead, the roadmap includes employee screening services, foreign national verification and deeper integrations with accounting and conveyancing applications – further embedding VOCA into the daily fabric of compliance management.
For SearchWorks, VOCA is more than just a product. It 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.
