These days criminals find it easier to kidnap people and force them at gunpoint to get access to their bank accounts and steal from them.
With banks tightening security measures to protect customers’ bank accounts from scammers, criminals increasingly turn to kidnapping people and then force them to transfer their money to them. Is it your right to expect the bank to refund you?
These measures are making it increasingly challenging for them to easily obtain confidential banking information from banking customers. The primary purpose and mandate of the NFO is to investigate and resolve consumer complaints against financial service providers in the banking, insurance and credit space.
“As an independent organisation, the NFO is unwavering in its commitment to resolving disputes impartially and at no charge to the complainant. The NFO ensures that banks treat their customers fairly and in compliance with their own policies, procedures and all applicable laws, regulations and codes of conduct.”In a recent NFO investigation, a consumer was kidnapped and forced to disclose his online banking credentials, resulting in unauthorised transactions totalling R103 092.
“As part of the investigation, we also considered the actions taken by the bank once the incident was reported. Unfortunately, all the funds transferred out of the consumer’s accounts had already been utilised before the bank was made aware of the incident.”“Given the merits of this matter, there were no legal grounds to hold the bank liable for the consumer’s loss. The consumer was essentially a victim of a crime and the bank was not involved.
Be careful when posting online. Avoid posting sensitive financial information or sudden changes on social media. It is extremely important to be vigilant about what information you share on social media and the perceptions you create about yourself, your family and your friends. Avoid posting about sudden influxes of funds, as this can make you a target for criminals.
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