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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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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