Life savings lost to crypto fraud?


Life savings lost to crypto fraud?

Said to have been executed by a KZN fraudster on the laptop of an unwitting West Coast estate agent.

In June 2015 Sport co-ordinator Petrofski Williams and his wife Denelle decided to invest their life savings in purchasing a house in Langebaan Country Estate that had been introduced to them by the local Seeff estate agent, Marelize Huysamen.

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Keywords:
crypto-fraud
Nedbank
Billy Downer
Smith Tabatha Buchanan Boyes
Seeff
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Submitted by : Wayne lund on 2021-05-29 06:07:34
"Did ABSA ever offer an explanation for the position they take on these matters? Did you report the matter to the police? Or the banking ombudsman? The outcome?"

ABSA said they had to adhere to client confidentiality guidelines. They said they were also constrained from transferring money out of a clients account without that clients permission, otherwise they themselves could face Court action. The police said that the matter was a civil case and would not get involved.

Editor's Note
It is clearly time the banks, the law makers , the ombudsman and the police had a serious rethink on the matter.
 
Submitted by : Wayne Lund on 2021-05-28 12:18:51
A company I once owned used to deposit hundreds of thousands of Rand every day into our ABSA bank account. Some years back, an account clerk made a one digit error when filling out the account number. The account name was correctly described. ABSA would not divulge the name of their customer into whose account the deposit was made. Neither would they transfer the money to our account without the consent of the unknown beneficiary of our funds, which they obviously didn't receive. They put the blame squarely on our shoulders even though the deposit slip had our company name on it as the account into which the money was to be deposited.

Editor's Note
Did ABSA ever offer an explanation for the position they take on these matters? Did you report the matter to the police? Or the banking ombudsman? The outcome?
 
Submitted by : Riggers on 2021-05-28 09:24:41
How can Nedbank refuse to disclose the identity of the account holder when a crime has been committed using their system. They are accessories to the crime, complicit with the person who has committed the crime. They must be charged for aiding and abetting the criminals.

Editor's Note
What you say is perfectly logical and obvious. I agree.
 
Submitted by : Christina Robertson of BERARIO on 2021-05-07 13:28:31
It is time that ALL banks in South Africa set up their systems so that any transactions which are done have to have the 100% correct account holder name or otherwise the transfer cannot be done. It would prevent all this fraud as you would not transfer the funds to an account holder other than the one you want to pay. At his stage you can just put in Mickey Mouse as the account holder and it is accepted. Someone tried the same illegal move with our company last year and when we phoned the bank to advise that the account is being used illegally they said that nothing could be done until such time as the funds are actually transferred. Banks need to step up.
 
Submitted by : Fraud Victim on 2021-04-12 16:15:51
This quote is instructive: "Nedbank refused to disclose the identity of their account holder who unlawfully managed to pocket the R900,000. Why not, we wonder."

My business was hit by a similar fraud last year and the amount was paid into an ABSA account. Despite our best attempts, ABSA still steadfastly refuses to divulge the identity of the account holder. This would greatly simplify the process of obtaining justice but the banks refuse to cooperate.

In a multitude of similar cases the amounts are paid into bank accounts which are subject to FICA regulations which implies either that the FICA process of the banks are woefully inadequate or that these are inside jobs.

The banks know full well that their accounts are being used fraudulently but they refuse to cooperate when their good faith client gets fleeced. I'm sure they are hiding behind a piece of legislation designed to improve privacy but something is very wrong with the way this is being applied.

The banks are effectively enabling fraud while escaping liability - I think it's worth an article or two.

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