Banking Fraud.
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Lukho Mkwedi Phuthi wraps up the show with Mr. Pholoso Seakamela discussing banking fraud in South Africa. They define banking fraud as unauthorized transactions, phishing scams, SIM swaps, or account takeovers that result in financial loss. Mr. Seakamela explains the bank's investigation process under the Code of Banking Practice and what to do if the bank's findings are unsatisfactory:
Lodge a formal complaint with the bank's ombud within 20 business days.
Escalate to the Ombudsman for Banking Services (OBS) for free, independent review.
Report to the South African Police Service (SAPS) for a criminal case.
Seek legal advice or contact the National Consumer Commission if rights are violated. They stress immediate action: contact the bank within 30 days of fraud detection, secure accounts, and monitor statements to minimize losses and hold institutions accountable.
Lodge a formal complaint with the bank's ombud within 20 business days.
Escalate to the Ombudsman for Banking Services (OBS) for free, independent review.
Report to the South African Police Service (SAPS) for a criminal case.
Seek legal advice or contact the National Consumer Commission if rights are violated. They stress immediate action: contact the bank within 30 days of fraud detection, secure accounts, and monitor statements to minimize losses and hold institutions accountable.
