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The financial services industry has major reputational issues. Woeful customer service, poor products, boardroom greed and more besides. But there is a bigger problem bubbling away that the industry needs to tackle head on unless it wants customer confidence to plunge to new depths. It is fraud. As our special report this week highlights, financial …
Yes, mobile is literally eating the world. It has become the dominant channel for instant communication and the expressway for banking and commerce worldwide. As organizations use mobile to transform the way they interact with customers, cybercriminals have also taken note… as evidenced by the rise in fraud attempts originating in the mobile channel. In the …
A political donor and cable news commentator pleaded guilty on Friday to federal criminal charges in what prosecutors described as a $30 million investment fraud scheme tied to his health-technology company. Sreedhar Potarazu, 51, an ophthalmogist from Potomac, Maryland, was appointed to serve on the credentials committee to this year’s Democratic National Convention, even though …
Cuba is one of the most expensive countries to call from the U.S. It’s partly because of the embargo’s legacy—which makes directly connecting the U.S. and Cuba phone lines difficult—and partly because of Cuba’s limited and outdated telecommunications infrastructure. It costs almost a dollar a minute to call Cuba from the U.S….. To get around …
An Arizona lawmaker who pleaded guilty to food-stamp fraud was sentenced to probation following a hearing Thursday morning in Maricopa County Superior Court. Ceci Velasquez was sentenced to 12 months supervised probation and 100 hours of community service for one count of unlawful use of food stamps. Those are the terms of the plea deal …
The National Crime Agency (NCA) in the United Kingdom is asking people to protect themselves from malware after a computer network known as Avalanche has been taken down. Avalanche, which was set up in 2009, was used to send out millions of fraudulent emails weekly enabling cybercriminals to steal personal information such as financial details. …
A professional violinist has been jailed for conning more than £300,000 out of well-wishers by pretending that she had cancer. Bethan Doci, 38, claimed she needed the money for her treatment, but was fit and well and instead funded a lavish lifestyle including holidays abroad, luxury cars and expensive handbags. Doci, who has performed with …
A prospective client contacts you via email or your website, seeking your services on a big, new job. He mentions that the job also involves a third party, so he wishes to pay you for the whole job, if you would then pay the other party involved. Sounds a bit dubious, right? But this client …
It is alleged the scammers eavesdrop on the conversation between the teller and the depositor. Two men are facing charges of fraud and theft under false pretences after they allegedly defrauded Money Market users in Mamelodi and Sunnyside, in Pretoria. Sunnyside police spokesperson Captain Daniel Mavimbela said the men (aged between 28 and 32) were …
Pretoria – South African Airways (SAA) has warned the public about the re-emergence of a recruitment scam inviting young people to apply for a cabin crew training programme. “This appears to be yet another attempt by criminals to prey on unsuspecting members of the public. There is neither recruitment nor training programmes for cabin crew …
A building society customer service manager has been jailed for fraudulently transferring money from customers’ accounts. Sandra Stewart, 51, (3.7.65) of Fairgreen Road, Croydon was sentenced at Inner London Crown Court on Friday, 25 November, to two years’ imprisonment. She had pleaded guilty at Camberwell Green Magistrates’ Court on 7 November to three counts of …
Donald Trump fired off another tweet storm on Monday night, attacking a CNN reporter who said the U.S. president-elect “falsely” claimed extensive voter fraud. In a televised report, Jeff Zeleny, CNN’s chief Washington correspondent, reported that Trump was showing signs of being a “sore winner,” adding the president-elect had “zero evidence” to back his claim …
Usually, the burden of proof for an outlandish claim rests on the person making the assertion. But Donald J. Trump is a master of making big claims, challenging others to disprove them and benefiting from the debate. On Sunday, he alleged that Hillary Clinton won the popular vote because of millions of illegal votes, presumably …
Fyodor Dostoevsky’s Crime and Punishment rarely plays into civil legal disputes in the United States. In most instances, the contenders in civil litigation reach out-of-court settlements. In most cases, there are no punitive damages. In this sense, Trump University case is no different. The much publicised settlement that covers around 6,000 former students ends two …
As tax season 2016 comes to an end, two men have been arrested for claiming R110 million VAT refunds for a non-existent business in Cape Town, said the South African Revenue Service (SARS). The business man and his accountant were arrested on Thursday morning. “The business man, his accountant and five connected closed corporations received …
Pervasive electronic banking fraud is affecting Nigeria’s banking system and costing the Nigerian economy dearly. It is also holding back the adoption of cashless technologies and has become an obstacle to financial inclusion in Africa’s second largest economy. Recent data shows that last year electronic fraud in the banking sector accounts for about 16% of …
A 61-year-old attorney appeared in the Kimberley Regional Court on sixteen counts of fraud, theft and money laundering, the Directorate for Priority Crime Investigation (Hawks) said on Monday. Captain Philani Nkwalase said that Henry Coetzee, an attorney formerly based in Kimberley, appeared in court on Friday, November 18. “According to the Northern Cape Hawks’ investigation, …
The Nelson Mandela Bay Municipality’s internal audit department will investigate 38 tip-offs of alleged corruption which were reported to the metro’s new anti-fraud hotline. The hotline was launched by mayor Athol Trollip last month and has since received 45 tip-offs from the public. Trollip’s office said in a statement details about the tip-offs would remain …
With about half of the world’s fastest-growing countries in Africa, the continent is quickly becoming a global business and economic hotspot. However, hand-in-hand with this growth comes rapid industry expansion, recruitment of a global workforce and – of notable concern – increasing risk of qualification and CV fraud. This is according to Ina van der …
Pretoria – Postbank has warned its customers about a scam in which customers are misled to disclose their banking and other personal information to parties which use it to generate fraudulent debit orders from their accounts. “It has come to our attention that Postbank customers have been receiving phone calls from individuals claiming to be …
