Scammers at work … from VAT fraud to fake invoices
Lieutenant General Godfrey Lebeya details the cases involving financial crimes investigated by the Hawks.
Fraud
Unauthorised financial services business: FSCA issues a long list of entities and individuals
Boutique asset manager Denker Capital is the latest FSP to be impersonated by fraudsters operating on social media.
AfriForum criticises Craig Warriner’s plea deal for lack of disclosure
The recent plea deal resulting in a 25-year prison sentence for Craig Warriner is under scrutiny for allegedly failing to serve the interests of justice and providing minimal benefit to the State beyond administrative closure.
Nedbank will defend itself in legal action related to ACSA transactions
The bank also says it closed the accounts of some 190 clients in 2023 following ‘reviews of client activity and related reputational risks’.
Social media firestorm: what went wrong and how Old Mutual is responding
Old Mutual provides context to the Molefi complaint, and how the group is planning to address the alleged non-payment.
Financial planner convicted on 30 counts of insurance fraud
Shaun Dorning redirected payments totalling R4.2 million from a client while working as an independent contractor.
FSCA warns public of rising scams on social media platforms
The Authority breaks down the red flags that may indicate a product or scheme is fraudulent.
Rising CV fraud: how data aggregation platforms safeguard businesses amidst escalating threats
In the battle against fraud, Sameer Kumandan, managing director of SearchWorks, a data aggregation platform, underscores the pivotal role of robust Know Your Customer (KYC) and Know Your Business (KYB) checks.
10 tips that can save you from falling victim to an ‘investment’ scam
There has been an increase in complaints about deceptive practices wherein fraudsters employ the details of celebrities to persuade individuals to invest.
Former Momentum financial planner arrested for R4.7 million fraud
The financial services group is aware of another client who fell victim to the former employee’s alleged misconduct.
Asisa statistics reveal the main source of insurance policy fraud
Sales fraud, where intermediaries write-up policies without clients’ knowledge to earn commission, constituted 57% of all fraud cases in 2022.
Fraudulent funeral policies: 5 tips to stay clear of scams
The FAIS Ombud alerts consumers to the strategies fraudsters are using to trick consumers into signing up for policies.
Partially fraudulent claim: insured forfeits R1.6m
SCA orders a policyholder to repay Discovery Insure the entire settlement, not only the amount related to the fraudulent part of the claim.
No, you did not receive a WhatsApp from the head of the FSCA
The impersonator pretends to have information about an investigation … and solicits a ‘settlement payment’.
WhatsApp fraudsters are stealing and abusing legitimate FSPs’ branding
FSCA issues a spate of warnings about scammers impersonating authorised FSPs and offering unrealistic returns.
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.
