Seven-year R5.5m fraud exposes dangers of unchecked payment controls
Businesses should regularly review user permissions and payment approvals to reduce opportunities for financial misconduct.
Fraud
More credit consumers turn to ombud – and more are getting results
The NFO’s Credit Division recorded a 58% jump in complaints during 2025, while recoveries for consumers more than tripled and favourable outcomes outpaced every other division.
Scammers pose as bank officials in R21.5m heist
An urgent preservation order blocked the proceeds from being moved while investigators pursue a criminal case and forfeiture proceedings.
Convicted fraudster jailed again for second ‘investment’ scheme
More than 20 years after his first conviction, a court found that Andrew Futcher ran another scheme that left investors millions out of pocket.
BHI Trust fallout widens as FSCA bans intermediary for 20 years
The FSCA’s latest action highlights the regulatory risks for individuals who may have been linked to the BHI Trust scheme.
Increase in cases of fraud and dishonesty detected by ASISA members
There was a significant decrease in actual losses involving fraudulent and dishonest life insurance claims compared with 2023.
Customer’s retirement savings targeted in meticulous internal fraud
The consultant bypassed the bank’s two-factor authentication and fingerprint checks to manipulate digital records and drain a client’s savings.
Accountability still lacking as corruption persists in South Africa
South Africa’s score on the global Corruption Perceptions Index remains at a decade-low, reflecting persistent governance failures.
VBS scandal: six convicted, 35 arrested – and more to come
Authorities have convicted six individuals in the VBS Mutual Bank fraud case, including former executives and municipal officials. However, with 29 accused still on trial and 43 more suspects under investigation, the case is far from over.
Victims of ‘investment’ scam to receive share of recovered funds
Victims of the Ant Ranch scheme will receive a share of the R475 000 held in terms of a preservation order. However, the money may not go far in reimbursing their losses.
Former TETA CEO sentenced to 7 years for role in Fidentia scandal
Court finds that Pieter Bothma accepted bribes to facilitate unauthorised investments, laundering millions for Fidentia’s directors.
Two ‘enablers’ of BHI Trust Ponzi scheme hit with 30-year debarments
Craig Warriner’s confession to orchestrating a massive Ponzi scheme has led to 30-year bans for Global & Local’s Michael Haldane and Mauro Forlin.
Former FNB employee sentenced to prison for R6.4m fraud
The syndicate gained unauthorised access to two accounts belonging to a German national on multiple occasions.
Ombudsman’s report unveils banking blunders and customer missteps
The cases dealt with by the banking ombudsman last year included a home auctioned for far below its value and fraud linked to a stolen phone.
Common reasons life insurers reject death benefit claims
Life insurers paid almost 96% of death and funeral benefit claims last year – with the total payout worth R39.9 billion.
Watch out for these tell-tale signs of a tax-filing season scam
Fraudsters are contacting taxpayers who are issued with auto-assessments and impersonating SARS.
Retirement fund ordered to pay fraud victim’s R800 000 benefit
A pension fund mistakenly paid out a fraudulent claim to a syndicate while the rightful member was in prison.
