The basic modus operandi of these scams is not new. However, over the years, there is a constant change in the execution techniques that fraudsters have applied, she said. “The success of these scams, and their evolution, is heavily guided by how the consumer will react in each situation.”
He advised the representative in the email that he in fact had a package at the Post Office which he was aware of and had not collected yet. Mr M then received an SMS from the Post Office advising him to pay a fee of R42.50 for the package to be released and sent to his nearest Post Office. He immediately reported the fraud to his bank and instructed the bank not to release the pending transaction of R16 061.80. However, since the transaction was authorised with the use of the card details and the ‘Approve It’ message, the bank had already released the transaction and refused any liability for the loss that was suffered.
The OBS further found that although Mr M advised that he thought he was making a payment for R42.50, however, the message he received from the bank for the authentication of the payment read: “You are about to make an online purchase of CHF 1, 000.00 at BIGO Live”. The Ombudsman confirmed that it was unfortunate that, in most of these matters, the amounts that were claimed were not recovered as they had already been withdrawn by the fraudsters.
With technology so advanced big tech is able to track and trace us at any given time. Yet when a fraudulant activity happens on your account the banks are helpless. Absolutely amazing I tell ya!!!
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