Among all industries worldwide, the global suspected digital fraud rate stood at 5.3% in H1 2023, up from 4.5% one year ago. Of all digital transactions made by consumers in Eswatini, 1.4% were suspected to be fraudulent attempts in H1 2023.³

For transactions originating from Eswatini, financial services and retail saw the highest suspected digital fraud attempt rate among industries analyzed in H1 2023 at 11.5% and 2.3% respectively, with gaming (online sports betting, poker, etc.) at 1.4%. Gaming saw a dramatic increase – 2,405% – in the number of digital transactions coming from Eswatini in the first half of the year, with suspected attempted fraud volumes in this sector increasing by 1,755% when comparing H1 2022 to H1 2023.³

The significant increases in suspected digital fraud attempts, along with the increased adoption of digital transactions, indicate that Swazi businesses and consumers should seek meaningful solutions to prevent fraud. This is true even in sectors where attempted fraud rates declined, as threat actors adapt quickly to evolving environments to maximize the results of their attempts.

“It’s not enough to look at fraud rates alone when attempting to measure the impact of digital fraud on any one particular industry or another,” said Claire Walters, manager: business operations, Africa Regions at TransUnion. “There are other factors that need to be considered. These include the overall size of the industry in question, whether that industry is growing and if so, how quickly. Only then is it possible to develop a more comprehensive perspective on just how digital fraud is impacting these industries. In addition, this can help identify where fraudsters may be focusing their efforts in future.”

Gaming Saw the Greatest YoY Growth in Digital Transactions

while Financial Services had the Highest Suspected Digital Fraud Rate in Eswatini

^{Source: TransUnion TruValidateTM data}

^{*Video gaming was not included in Eswatini’s reporting as volumes were statistically insignificant}

TransUnion came to its digital fraud findings based on intelligence from its identity and fraud product suite, TransUnion TruValidate, which helps secure trust across channels and delivers efficient consumer experiences. The rate or percentage of suspected digital fraud attempts reflect interactions which TransUnion customers either denied in real time due to fraudulent indicators or determined to be fraudulent after a manual review process—compared to all transactions it assessed for fraud.

Download the Omnichannel Fraud in H1 2023 Infographic for more findings including the rate of suspected digital fraud from select countries and regions globally, and the growing problem of synthetic fraud. Specific country and regional data in the analysis include the United States, Brazil, Canada, Chile, Colombia, Dominican Republic, Hong Kong, India, Kenya, Mexico, Namibia, Philippines, Puerto Rico, Rwanda, South Africa, Spain, United Kingdom and Zambia.

Consumers who believe they may be a victim of fraud can find resources and information here.

^{1 Digital fraud involves the use of phishing emails, false websites, phony mobile apps, fake social media profiles, and other mechanisms to illegally obtain information and defraud consumers and businesses.}

^{2 The first half of the year or H1 refers to January 1 to June 30}

^{3 TransUnion TruValidate data}

According to The World Bank, the country’s economy rebounded in 2021, despite the continued COVID-19 pandemic and the June 2021 political unrest, and will continue recovering in 2022. Real GDP growth is projected at 2% in 2022 and 1.8% in 2023, reflecting the implementation of the government's three-year fiscal adjustment programme, although there are inflationary pressures as a result of oil and food price increases caused by the war in Ukraine. This growth is being supported by a strong performance in the manufacturing sector due to improved demand from key export markets.

Government has attempted to address SME development through various development projects and programmes and growing numbers of businesses are now shifting to ecommerce and looking at global markets to accelerate revenues, reduce costs, and manage their risks – and data-based tools are proving to be a key driver of the growing trend of SMEs expanding into the region and globally, explains says Rafi Kotler, Head of Commercial Bureau Solutions at TransUnion Africa.

“Big data and analytics used to be seen as something only large enterprises could afford, or use. That’s changing rapidly, with local SMEs increasingly turning to data-driven business intelligence tools to grow their businesses, access new markets and develop their pipelines,” says Kotler.

“SMEs are looking to quality data and enhanced analytics to gain a complete view of customers, suppliers, partners and prospects, and make informed decisions. That’s where analytical techniques are critical for deciding which market to target, where to find customers within those markets and how to manage the risks of transacting with business customers at arm’s length.”

Local SMEs’ ability to access data on global markets was boosted last year by a partnership between TransUnion Africa and global commercial data company Dun & Bradstreet, which gives SMEs access to two key Dun & Bradstreet services, D&B Hoovers and DataVision. Hoovers is a web-based lead prospecting tool that allows companies to build local and global pipelines, and DataVision helps companies assess markets and develop entry strategies through powerful data analytics.

Effectively, this makes Eswatini’s businesses visible on the global stage and gives them access to international trade opportunities. “For companies that want to jump-start their businesses, or accelerate their growth into global export markets or the e-commerce space, these platforms provide an intuitive experience to decide which markets they should enter and which customers they should reach out to in those markets,” said Kotler.

They also have the added benefit of helping businesses organise their own data, and combining it with 400 million international D&B sourced records. This allows companies to get on with running their businesses, and competing in global markets, rather than spending their time cleaning up spreadsheets.

The partnership with Dun & Bradstreet builds on TransUnion’s existing range of fraud and risk solutions, which help Eswatini’s businesses form trusted relationships and make more informed decisions. This includes products that address fraud, identity and risk management, automated decisioning, and marketing across a range of sectors, including banking, retail, insurance, automotive and telecommunications.

“This won’t just help businesses in Eswatini rebound from the effects of the Covid-19 pandemic, but will open up entirely new growth avenues. And ultimately, that will be good for the country, and the continent’s economy,” said Zwane.

SMEs can sign up for a free webinar, ‘How News Can Boost B2B Sales’ on July 21 from 10:00 to 11:00; and a free Masterclass, ‘Expand your Exports’, on July 28 from 10:00 to 11:00. Both events are part of the TransUnion D&B Hoovers Webinar & Masterclass Series.

What a difference a year makes. Last year at this time, we were looking forward to a 2020 filled with new opportunities and hope. Then Covid-19 came knocking. 12 months later, 2021 is looking very different, with many of us dealing with a range of financial, work and health stresses that we never could have imagined.

We know how to protect our health against the virus. Now we need to do the same with our finances – and one of the best ways of doing that is making sure we have good credit, and manage our finances better.

So how do you provide yourself and your family with a stress-free year of finances? Here are a few tips to improve your credit score:

Know how much you owe

Check your credit limits on your loans, accounts, credit cards and overdrafts, and then see how much you owe on each of them. One of the best ways to improve your credit is to decrease the amount of credit that you’re using. Make a plan to pay off as much of your outstanding balances as possible: it will reflect on your score, and ease the pressure on your finances.

Pay your bills on time

Another big no-no when it comes to a good credit is late payments. The way to build a good credit history is to make regular and timely payments. If you have loans, accounts and credit cards, but your payment history is dragging down your ability to get credit at a good rate, dedicate this year to meticulously making every payment on time. If you can pay more than the minimum payment in the process, that’s even better.

Check your credit report

To get a copy of your credit report at a fee of E60, visit the TransUnion walk-in office at a kiosk at the SwaziPost (counter number 4), or call +268 7834 3375 or 2505 7844 or email eswatini@transunion.com.

Go over it with a fine-toothed comb to check for inaccuracies, like accounts that you don’t recognise or incorrect information about late payments. Disputing this kind of inaccurate information, and getting it amended, should improve your credit score.

Stick to a budget

Now that we’re limiting our exposure to public places and gatherings, it’s a good time to work on our budgets. Cook more at home, instead of going out. Use the money you’re saving on petrol to pay off some accounts. By budgeting and paying back your bills on time, you’ll be on your way to getting into great financial shape for remainder of the year.

Molefe, the former executive director for South Africa & Rest of Africa for content and technology solutions provider LexisNexis, replaces Chad Reimers, who moves to a new position within TransUnion’s wider global business. Molefe will take responsibility for business development, stakeholder and regulatory engagement, and overall operations in seven countries in East and Southern Africa*.

Lee Naik, the chief executive officer of TransUnion Africa, said TransUnion’s wider Africa capability was ‘a critical part’ of the company’s portfolio growth strategy, and that he was looking forward to extending its offering under Molefe’s leadership.

“Thabo has extensive experience in growing markets across Africa and has a proven track record of high-level stakeholder engagement. We’re confident that he will be able to position TransUnion’s global information and insights capabilities to take our business to the next level in these key markets,” said Naik.

Molefe, who took up his new role on 24 August 2020, has deep knowledge of the African marketplace, having operated across the continent in a senior capacity for almost 20 years. He has previously fulfilled leadership roles at both LexisNexis and technology giant HP.

“TransUnion’s breadth and depth of data insights, and range of information solutions, are unmatched in this industry. I joined the company because I believe it has the potential to help even more African businesses make more informed decisions, and African consumers better manage their personal information and gain access to financial products and services,” said Molefe.

“I’m looking forward to deepening our relationships with clients, consumers and wider stakeholders, and helping the financial and digital lending communities establish trusted relationships and deliver great experiences and help create more economic opportunities.”

*_{Outside of South Africa, in East and Southern Africa TransUnion has operations in Kenya, Rwanda, Zambia, Namibia, Botswana, Eswatini, and Malawi.}

Patricia Zwane, country manager at TransUnion, says it’s important that consumers manage their credit even more carefully than usual through the COVID-19 pandemic, and beyond. But to manage credit they have to understand what credit is and how it works.

Borrowing money to reach your financial dreams – like buying a car, a home, or starting a business – is often called ‘good debt’. But debt is only a good thing if you’re borrowing money for a good reason.

Here are two guidelines to follow when you are thinking about taking a loan:

1. Make sure you are borrowing money from a bank or a call a registered lender, not a small street lender as they are usually unregulated.
2. Only borrow money if you can afford to pay back what you’ve borrowed.

Watch the extra interest

When you take out a loan, the funds are given to you based on your promise to pay the lender back in instalments over time.

• You don’t only pay back the amount you’ve borrowed.
• You also pay back the interest that the bank or lender will charge you.
• When you borrow money – you pay back extra for this service. This is interest.
• This interest can add up to a lot of money over time
• To avoid this, make sure the interest rate that the lender is charging you is as low as possible. Ask them about it and question it.

What is a credit history?

• One of the ways you can keep the interest rate low is by making sure your credit history is healthy.
• Your credit history is a record of the money you have borrowed in the past and whether you have a good record of paying back this money.
• The money you’ve borrowed could be loans you’ve been given over many years.
• A healthy credit history may help you qualify for lower interest rates and fees
• This frees up money for emergencies, for your retirement, and also those rainy day unexpected expenses

When all your credit history information has been arranged into one document, in addition to your demographic information (surname, forenames, ID, DOB, gender, marital status, addresses, employment and contact details), this document is called a credit report.

Think about the future

• Eventually, in the future when you apply for a loan, registered lenders will be in a positionto accessa copy of your credit report from TransUnion.
• Lenders will use the credit report to decide if you are credit worthy by checking your credit history, which is captured in your credit report. It is like a snapshot of how you’ve managed your money in the past.

For now

You can start improving your credit history straight away. Pay off your debts, honour your instalments on your credit and borrow responsibly. Over time your credit history will start to improve. It is all in the name of reaching your financial dreams realistically.

Talk to your lenders

If money is tight and you’re worried you’re going to miss a payment or two, it’s best to contact your lender before the payment is due. You can explain your situation and ask whether they can offer any assistance.

Consider contacting your bank or credit card issuer if you’re affected by the COVID-19 pandemic. You may qualify for some leeway.

“We know many people are feeling anxious about their finances during this challenging time. Organising your credit information and maintaining communication with your lenders are two ways you can help stay in control of your credit health during times of uncertainty,” says Zwane.