Times Of Swaziland: PROMINENT  BUSINESSMAN LOSES E2.7M  TO FRAUDSTERS

PROMINENT  BUSINESSMAN LOSES E2.7M  TO FRAUDSTERS
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Stanley Khumalo on 06/11/2024 07:24:00


MBABANE - A prominent Eswatini businessman has reported losing E2.7 million to
fraudsters.
The entrepreneur reportedly lost the money he held in an account with a local
bank.  The money was transferred to a banking account, unknown to the
businessman, held in South Africa, with the same banking institution he does
business with in Eswatini. The businessman, who wished to remain anonymous, said
he had reported the matter to both the police and the Banking Ombudsman. He
expressed frustration at the bank’s delay in stopping the fraudulent
transactions, despite being notified immediately. While the bank claims to have
reimbursed the businessman E1.3 million, the veracity of this claim is yet to be
verified. A source suggested that the bank could trace the funds using the Know
Your Customer (KYC) information it collects from its clients.
Confirmed
Senior Superintendent Phindile Vilakati, the Police Chief Information and
Communications Officer, confirmed that the police are investigating the matter.
She assured the public that the law enforcement agency is committed to bringing
the perpetrators to justice. In recent years, numerous individuals have reported
similar experiences of unauthorised withdrawals and transfers from their
accounts. According to BusinessTech, a South African online publication, the
rise in digital payments has created new opportunities for fraudsters. It was
reported that banks globally and within their jurisdictions are seeing an
increasing trend in scams, with fraudsters manipulating and coercing customers
into making payments to them, bypassing bank controls.