WhatsApp fraudsters are stealing and abusing legitimate FSPs’ branding
FSCA issues a spate of warnings about scammers impersonating authorised FSPs and offering unrealistic returns.
Fraud
People’s expenses change in retirement. Shouldn’t their income too?
Conventional wisdom says that living expenses rise uniformly with inflation, so many financial plans are based simply on that. But analysing the spending patterns of retirees shows us that the data tells a different story.
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The two banks with the biggest increase in complaints in 2022
Complaints about current accounts and digital banking were the two largest categories of cases opened with the ombudsman.
Regulatory exam fraud is rife, says FSCA
Moonstone will check the authenticity of a certificate if provided with written consent.
Why the High Court rejected PSG Wealth’s defences against liability for client’s loss
PSG contended its liability for loss could not include instances where the client’s computer was hacked because of his negligence.
Financial services firm caught in email fraud must reimburse client
Hacker gets away with R800 000 after duping PSG Wealth employees twice within 10 days.
Santam alerts advisers to email interception cyber scam
Provides guidelines on how to avoid being caught out.
Tribunal upholds debarment after IDs digitally altered for vehicle finance application
A Toyota Land Cruiser valued at more than R1.2 million found its way into the hands of the general of a rebel army in the Democratic Republic of the Congo (DRC) after a […]
Syndicates commit murder, stage hit-and-run accidents to defraud life insurers
Life insurers’ fraud investigations have turned up more evidence of deathly get-rich schemes in which syndicates take out funeral insurance on victims they subsequently kill in order to submit a claim. Syndicates, particularly […]
Section 37D of Pension Funds Act ‘is also designed to protect employers’
An employer does not have to prove fraud, dishonesty or theft to a retirement fund, and a fund is not expected to make a judgment about whether the employer has, in fact, proved […]
Which puts you most at risk of fraud: online, mobile or app?
You’re most at risk of becoming a victim of digital banking fraud if you use a mobile device – but the risks are much lower if you use a banking app. And online […]
Two scams on the rise in South Africa
An article in Businesstech warns vehicle owners against two new schemes devised by fraudsters to steal your vehicle. The Insurance Crime Bureau (ICB) has recently issued a vehicle recall scam alert following a […]
Two scams on the rise in South Africa
An article in Businesstech warns vehicle owners against two new schemes devised by fraudsters to steal your vehicle. The Insurance Crime Bureau (ICB) has recently issued a vehicle recall scam alert following a […]
Are you potentially exposed to the risk of screen scraping?
In 2020, the South African Reserve Bank (SARB), the Payment Association of South Africa (PASA) and the Financial Sector Conduct Authority (FSCA) issued a joint statement warning consumers about the risks associated with […]
Tribunal finding that Industry is improving in debarment process
A fundamental character trait of a person who provides financial services and furnishes advice to members of the public is honesty and integrity. This goes hand in hand with conducting business with the […]
Tribunal finding that Industry is improving in debarment process
A fundamental character trait of a person who provides financial services and furnishes advice to members of the public is honesty and integrity. This goes hand in hand with conducting business with the […]
Fraud awareness – Don’t be a victim of sim swop
COVID-19 has impacted our everyday lives, from how we socialise, how we shop and even how we bank. According to health recommendations, one of the most effective ways to contain the current COVID-19 […]
