PROMINENT BUSINESSMAN LOSES E2.7M TO FRAUDSTERS

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.

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