Interview with risk, fraud & compliance professional Stacey Hitter

Savarsity student aims to give South African students to different career choices. A part of this is interviewing people in different careers to give our readers an idea of what to expect should they decide to follow a certain career path. In today interview, we talk to Stacey Hitter about her Career in risk, fraud and compliance in tech and financial organisations.

career in fraud, risk and compliance
Fraud & Risk Analyst Stacey Hitter

1. Tell us a little about yourself, your background and career of choice

My name is Stacey Hitter I am from a suburb called Elsies River in Cape Town. I matriculated at Cravenby Secondary school my passion has always been performing arts and I had this big dream of studying drama at UCT after school. I started job hunting in order to save money towards studying performing arts, I always wanted to join the banking industry and I was lucky enough to get a job at a bank as a Sales and Service Consultant, I was in the branch for a year and a half and then got promoted to the Business Center, I did everything from administration, customer service, collections, fraud and risk reviews, sales, I did a short stint in ATM Fraud Investigations as well, it was an amazing opportunity and I was surrounded with great mentors, after 4 and a half years at the bank an amazing opportunity came up I joined the E-commerce sector as an Investigations Specialist and after 8 months I got a position at another financial industry as a Credit Monitoring Officer in the Credit Operations department and started out in Assessment Audit which then became Manager Review, I then joined the Digital Currency Industry as a Fraud and Risk analyst.

2. What made you decide on a career in fraud and risk?

I am an analytical person who is investigative by nature. I was lucky to be in a versatile role where I could do a bit of everything to finally realize what my passion in the corporate world is, I believe when you love what you do, you will never have to work a day in your life.

3. What qualities does one need and what does someone need to study to work and fraud and risk?

You need to be able to be analytical, assertive and focused, you need to have an eye for detail and you need to be able to deep dive. I would also say you need to be creative when it comes to collecting information. I studied Credit Management at CPUT Cape Town as it covers everything I enjoyed Banking in South Africa, Credit management, (credit assessments, collections, customer service, Debt Restructuring, Economics, Fraud, Economics, Introduction to Financial Management, Financial Statements and Ratio Analyses, Factoring, Law of contract, Credit Insurance, Securities, Credit Agreements Act, Usury Act, Magistrates Court Act, Exports, Transition from supervisor to manager, performance measurement, control measures and staff management, Accounts receivable financing, Financial management and ratio analysis, analysis of financial statements, Socio-economic factors and their influence in assessment, administration and collections, Cash flow and Cash flow projections and forecasting, Detailed study of insolvency, including the Companies Act, the Agricultural Credit Act and case law, Detailed study of the legal system and the various courts, Detailed study of various acts with application on the provision of credit services and the rights of the individual.) I then also registered for my CFE.

There are different courses available I would say studying Credit management or obtaining a Higher Certificate in Forensics Examination would be ideal however there are so many different courses to choose from, I did research and then decided what would be best for me, so I would encourage everyone to do as much research before selecting a course.

4. What challenges did you face during your studies and how did you overcome them?

My biggest challenge was working shifts and studying luckily I had a very supportive manager and team and was allowed to take study leave when needed, I was actually very lucky to be able to study after being in the industry for 5 years as that helped me a lot with my assignments and modules.

5. What challenges have you faced in the industry, what can one expect?

It was very challenging moving from banking to E-commerce it's a total different level of doing risk reviews and fraud investigations however with the right training and mentors it became easy and I really learned a lot, also it's not always easy to distinguish between soft and hard fraud as soft fraud has a lot of false positives, there are times fraud accounts can slip through without you noticing, it's always important to follow your gut and deep dive if need be and document previous fraud cases and modus operandi used as it will be easy for you and your team to distinguish if faced with a similar case in the future

6. What are the different career paths within fraud and risk and what sorts of companies/industries can one work in?

The different career paths would be Audit, Accounting auditor, Fraud analyst, Risk analyst, Governance Risk management and Compliance, Forensics Investigator, Anti-Money Laundering Officer.

The best opportunities are usually in the Banking, Financial Services, E- commerce, Insurance and Fintech industry

7. Any last words for people considering a career in fraud and risk

It is a very rewarding field, Information gathering and data analyses is very important, always make sure to check all cases twice, make sure you have attention to detail and don't forget the smallest detail, make a checklist if need be. Find a structure that works for you and create a standard operating procedure if one is not in place yet. Also document cases and share it with your team so that when faced with a similar case it would be easy to reference the action taken.

I hope the information helps.

You can find Stacey on LinkedIn

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How to withdraw money without a bank card from South African banks

mobile money in south africa

Have you ever been in a situation where you have either lost or misplaced your bank card, or you have simply forgotten it at home but you need to withdraw cash from your account? Well many of us have found ourselves in this situation, I know I have.The good news is that most of the major banks allow you to send yourself and other people money using your cellphone number to withdraw cash at the ATM or supported till point. They charge you the sender a small fee and they do not charge the person withdrawing for the withdrawal. I will now share how you can withdraw money from different banks without a bank card.

How to withdraw money without a bank card using FNB - FNB eWallet

You can use cellphone banking, the app or online banking to send money using ewallet. The sending limit is R1500 using cellphone banking and R3000 using the App or online banking.

How to send eWallet using cellphone banking:

- Dial *120*321#
- Select 'Send Money'
- Select 'eWallet'
- Select the account you want to send money from
- Key in the cell phone number you want to send to
- Enter the amount you want to send
- Select 'Yes' to send an SMS with an ATM PIN to the recipient for easy withdrawal
- Confirm the amount and cellphone number

How to send eWallet using online banking:

- Login to your Online Banking profile
- Select 'Send Money'
- Select 'Once-Off'
- Enter the cellphone number of the recipient
- Enter the amount you would like to send
- Check the account you want to send money from (in the bottom right corner). If you would like to change the account, select the orange icon next to the account name.
- Check and confirm the transaction
- Enter your OTP (one time PIN)

How to send ewallet using FNB’s banking app:

- Login to FNB Banking
- Select 'Send Money'
- Select 'Send Money to eWallet'
- Select the account you want to send money from
- Enter the amount and cellphone you want to send to
- Select 'Send'
- Confirm

How to withdraw cash at atm once you have sent it and received sms:

- At the FNB ATM select 'Cardless Services'
- Select 'eWallet Services'
- Key in your cellphone number and select 'Proceed'
- Key in the ATM PIN you received via SMS
- Select the amount you want to withdraw
- Take your cash
- Make sure your transaction has ended or that you select 'Cancel' before leaving the ATM.

If you have not received eWallet sms do this:

- Dial *120*277# to access the eWallet
- Select 'Get cash'
- You'll receive an SMS with an ATM PIN

Cost of sending eWallet:

R10,95 for R0-R1000 and R13,95 for R1001-R3000

How to withdraw money from a standard bank account without a bank card - Standard Bank Instant money

You can send money using cellphone banking, internet baking or the banking app with Standard Banks instant money.

How to send money via Instant money using the Standard Bank Smartphone app:

- On homescreen of app, tap on transact
- Then select “Send Instant Money”
- Then Tap Send a voucher to “yourself” or “someone else” depending on who needs the cash.
- Select “Pay a new cellphone number”
- Enter beneficiary name, cell number and reference.
- Select if you would like to save beneficiary details for future payments
- Enter value of amount you would like to send up to R5000
- Choose a 4 digit pin or tap on generate pin to auto generate one.
- Tap on review to review details and confirm to complete process.

How to withdraw cash using Instant Money:

The recipient will receive a 14 digit voucher number by sms. This voucher number along with the 4 digit pin and their cellphone number can be used at any Standard Bank ATM to withdraw the money.

You can used selected retail outlets to send or withdraw Instant Money such as selected Spars.

How to withdraw money from absa without a bank card - ABSA CashSend

You can use online banking or cellphone banking for Sending money for someone to collect using their cellphone number at an ABSA ATM

How to CashSend with Cellphone banking:

- Login to cellphone banking & select cash send & cash payment
- Logoff and wait for a secure url to be sent to you via sms
- On the homepage select amount you want to send and the recipients cell number
- Create a 6 digit code which you must provide to recipient and confirm payment

How to CashSend via internet banking:

- Login to Absa Online and select ‘Payments’
- Select ‘Pay’ and ‘CashSend Payment’
- Select the account you want to withdraw from, the amount you wish to send and the recipient’s cellphone number
- Create a 6-digit access code, which you must give to the recipient, and confirm the payment

How to withdraw CashSend:

- Visit an Absa ATM and select ‘CashSend’ followed by ‘CashSend Withdrawal’
- Enter the 10-digit reference number that has been sent to your cellphone
- Enter the 6-digit access code, together with the exact amount being sent
- Once the transaction has been verified, the money will be issued to you
- Only the full amount can be withdrawn

How to withdraw money from Nedbank without a bank card - Nedbank Send-iMali

How to send money using online banking using Nedbanks Send-iMali service:

- Login into online banking click on “money transfer menu”
 - Select “Nedbank Send-iMali”
- Choose pay now
- Accept terms and conditions
- Enter payment details: choose account to send from, enter recipient name, phone number and amount to send.
- Check details you entered are correct and confirm to complete transaction.

How to withdraw money using Nedbanks Send-iMali:

- Dial *120*001# on your cellphone
- Select Nedbank Send-iMali
- Select “withdraw money”
- Choose the payment you have received
- You will then be notified that you will receive an OTP (one time password) via sms which you can use at the nearest Nedbank ATM to withdraw the money. Confirm this to receive sms.

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How to buy bitcoin in South Africa

So you are interested in buying bitcoin in South Africa but you are not sure where to start. Today I will post a step by step guide on how to buy bitcoin in South Africa using any of the local banks such as FNB, ABSA, Standard Bank, Nedbank, Capitec. The cool thing is that you can start buying bitcoin from as little as R500 a month. Before I show you how to buy bitcoin I will give you a little background info on BTC.

buy btc online with zar from south african exchange

Why would you want to buy bitcoin?

Last year bitcoin went from being valued at around $1000 (R13,100.00) for 1 bitcoin in Jan 2017 to being valued at around $20,000.00 (R262,000.00) by mid December 2017. This meant that anyone who had invested early in bitcoin made tons of money. The December peak made many early adopters of bitcoin millionaires. The bitcoin price has since dropped to $6778 (R88,800.00) as I write this but many believe that by the end of this year the price of bitcoin will surpass last year peak price as historically bitcoins year on year price increases. Even though bitcoin is down now it' still higher than it was last year this time.

The other reason you may want to invest in bitcoin is because it's touted (blockchain technology that is) as the next big revolution after the internet in the 90's. You may not want to miss out on this opportunity. Government institutions around the world seem to be warming up to blockchain technology even our very own South African Reserve Bank (SARB) recently tested distributed ledger technology (which is blockchain technology) in a project they named Project Khokha.

Many people view bitcoin in a similar way they view gold, as a store of value. Even though because of it's volatile nature in price fluctuations many debate whether it is actually a good store of value.

How people make money investing in bitcoin?

When you buy 1 bitcoin and store it somewhere, whether on an online wallet (hot wallet) or an offline  cryptocurrency hard wallet such as Ledger Nano, it does not gain interest. You make a profit from bitcoin when it increases in price e.g if you buy 1 bitcoin now while it's worth R88,000.00, and then if it goes up to R120,000 after a while you make R32,000.00 in profit form selling that same 1 bitcoin.

Some people invest in bitcoin for the long term (good for newbies who don't understand trading and what drives cryptocurrency prices), this is called HODLing. These people accumulate bitcoin in the hopes that one day it will be very valuable. Then there are others who watch trends and try and predict short term price swings to make profit on a daily or weekly basis, these are traders who use advanced exchanges and graphs to try and buy when the price is low and sell when the price is high in the short term.

Buying bitcoin in South Africa

1. Go to and create a free account by signing up.

2. Get your identification verified by uploading your proof of address and identity (Upload your ID, a selfie with that same ID and proof of address not older than 6 months). This will unlock all features on the platform and allow you to make trades over R15,000.00.

3. Deposit money into your Coindirect Zar Wallet using online banking by following these instructions:

- Login and navigate to your Wallets page where you will see the ZAR Wallet has been automatically added.

- Click the “Deposit” button on the Wallet and choose the bank you would like to complete the transaction with. This will bring up the Coindirect bank details and a unique reference number which will be used to identify your deposits from this point onwards.

- Use these exact details to add Coindirect as a beneficiary on your online banking account. Remember to use the reference number that has been assigned to you.

- Deposit an amount of your choice to your newly added Coindirect beneficiary, checking that your reference number is correct.

Wait a few minutes for you money to reflect in your Coindirect Wallet. It usually takes 2 minutes for a deposit to reflect from the top 4 Banks, the worst case scenario is that it may take 3 days to reflect. If it's taking too long to reflect you must check that you used the correct reference number assigned to you as Coindirect will not be able to automatically match the deposit with your account. If you have used the wrong reference, you must contact with your proof of payment and reference used for your account to be manually credited.

4. Once your account is credited with your deposit amount you can buy bitcoin by converting your zar into btc in your wallets tab. Follow the steps below:

- Press the convert button. Which is next to the buy/sell button on your top left side of the screen.
- Select or search for ZAR wallet from the "which wallet to select from" option that pops up.
- From the next option the  "which currency would you like to convert to" choose bitcoin
- you will be prompted to select "amount to transfer" - fill your zar amount
- click next then confirm

Those are all the steps you need to buy your first bitcoins in South Africa, click here to buy bitcoin.

Remember that you can start investing in bitcoin from as little as R500 because you do not need to buy 1 bitcoin to start investing, you can buy 0.002 bitcoin every time you can afford to. The best time to buy is when the price is low (markets are in the red and people who bought high are panicking), worst time to buy is when the price is high like in December when the price was $20,000.00 for 1 bitcoin.

NB: Please do not take this article as financial advice. Investing in crypto is highly risky as it's very volatile. You have the same chance of making a huge profit and the equal chance of ending up with nothing. Please consult a qualified professional for financial advice and do your own research before investing in the exciting world of cryptocurrency.

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