CEO'S home loan plundered

The recent spike in SIM-swop scams is worrying, says the SA Banking Risk Information Centre (Sabric).

Media24 chief executive Esmare Weideman became the latest victim of a fraudulent SIM swop at the weekend, with R1.5 million being transferred from her home loan account to a linked cheque account. The fraudster then allegedly made three transfers totalling R360 000 to an account in the name of "Badiba Madiba".

"The first transfer was of R200 000, then R80 000 and then another R80 000," Weideman, who banks with Absa, said yesterday.

"I feel so exposed. I looked at my phone at around lunchtime on Sunday and saw that there was no network... On Monday, I asked my personal assistant to get my phone going and after several calls to MTN, they told my personal assistant that someone had done a SIM swop."

Weideman said MTN had her phone reactivated and at about 2.30pm on Monday, she received a call from a member of Absa's digital fraud division who informed her that her account had been frozen because of "suspected fraudulent activity".

"That's when they told me that R1.5m had been transferred from my home loan to my cheque account and that three further transfers were made to another account," she said.

Weideman reported the incident to the Rondebosch police on Monday.

"Absa confirmed that its fraud unit was investigating, but I'm concerned about their non-commital approach when it comes to the recovery of the money."

Weideman said her private banker had told her that "normally" the account holder was responsible for any transactions on the account.

"My PA has been fielding calls all day from people who have been defrauded in the same way, and who are waiting to get their money back," she said. "Syndicates are targeting all banks. They need to improve their security mechanisms."

Sabric chief executive Kalyani Pillay said she was worried about the "scale of crimes" committed against bank clients across the country.

"The banks are investing significantly in systems and solutions to monitor and detect such risks."

MTN and Absa were involved in at least three cases of SIM card-related fraud reported by Moneyweb recently.

MTN could not be reached for comment yesterday.

(Cape Argus)

  Comment on this Article

  Please login to post comments

Post to my facebook wall
Characters remaining

    Latest Property News
    • 21 Nov 2017
      The buying process is over, and the moving truck has delivered your household goods to your new property. Now it’s time to unpack and turn your new house into a home.
    • 21 Nov 2017
      When an offer to purchase a property is signed by both buyer and seller, this constitutes a binding agreement or “Deed of Sale” between the two parties. However, in most cases the “standard contract” might not be enough to cover all the specifics pertaining to the sale. The agreement may require some additions or alterations to clauses, which needs an expert hand in the drafting of such
    • 21 Nov 2017
      As more and more South Africans look to invest in property abroad, Spain is offering them one of the best deals in global real estate.
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    Subscribe to the MyProperty Newsletter

    Last Name  
    Email Address  
    Email Frequency
    Share this Page

    For Sale Property
    Rental Property
    More Options
    Connect with us