Call for cyberfraud reimbursements gaining traction

A petition calling on Finance Minister Enoch Godongwana to introduce a mandatory reimbursement policy for victims of bank fraud has gained traction as concerns mount over the devastating financial impact of cyberfraud on ordinary South Africans.

AFU probes sophisticated banking scam

A sophisticated online banking scam that allegedly siphoned more than R21.5m from a Mpumalanga company has prompted urgent action by the NPA’s Asset Forfeiture Unit (AFU).

Fraud victims win watershed ruling

One phone number. Two years. Thousands of calls. Multiple victims. One bank. And a confidentiality clause attached to every settlement. That line, drawn from a detailed case study submitted to IoL by a SA fraud investigator, could stand as an epitaph for the country’s banking fraud crisis – a crisis that is, by every measure, accelerating.

Homeowner wins battle with bank

Labourer Arthur Sodinga bought a small RDP house in 2008 after securing a R48 000 home loan with Standard Bank.

Why cryptocurrency ruling needs SCA clarification

The recent Gauteng High Court judgment in Mangundhla and Another v SA Reserve Bank and Others is contradictory to a previous decision in Standard Bank v SARB, creating conflicting High Court authorities on whether exchange controls apply to crypto assets.

Blistering judgment on crypto exchanges

In a case about the transfer of R182m in Bitcoin to overseas crypto exchanges, a Gauteng High Court (Johannesburg) ruling holds big consequences for digital assets, reports News24.

Homeowners' R60bn class action postponed

The Gauteng High Court (Johannesburg) has granted a lifeline to homeowners pursuing a class action lawsuit against banks, despite recent legal setbacks involving their lawyer, reports The Star.

Banxso finally wound up

The Western Cape High Court has confirmed that Banxso should be wound up, bringing to an end months of legal wrangling over whether the company was insolvent and whether it had operated unlawfully.

Major class action lawsuit against banks looms

After years of preparation by lawyers acting for hundreds of people who claimed that their homes were unfairly repossessed, the Gauteng High Court (Johannesburg) will next week hear arguments to have a R60bn class action against major banks certified.

Court blocks filing of affidavits in R60bn class action

While hundreds of people who claimed that their homes were unfairly repossessed will turn to court to have a R60bn class action against major banks certified, the court ordered that no more affidavits may be filed in this matter.

NDPP secures SCA order against taxi boss

The NDPP has successfully appealed a KZN High Court (Durban) decision at the SCA to forfeit R46 120 seized from taxi owner Sithembiso Gcaba.

Authority slaps R2bn fine on Banxso

The Financial Sector Conduct Authority (FSCA) yesterday confirmed that it has fined Banxso and its directors more than R2bn. The regulator issued several additional fines ranging from R5m to R20m and debarred four ‘key individuals’ linked to its investigation.

Banned Banxso and AfriMarkets rebranded

The banned contracts-for-difference (CFD) platforms Banxso and AfriMarkets may have had their licences withdrawn or suspended, but they appear to remain in business.

SARS welcomes Sasfin damages claim judgment

The SARS has welcomed a High Court judgment about its R5.3bn damages claim against Sasfin Bank, saying the ruling marks ‘significant progress’ in holding financial institutions accountable for facilitating illicit financial flows.

SARB takes 25% stake in PayInc

The SARB has concluded a deal to acquire half of PayInc, the company responsible for clearing payments between the country’s largest banks, Business Day reports.

Nedbank rebuked for violating imitation clause

Allan Gray has narrowly won the battle against Nedbank in a fight over whether the latter copied its advertisements. The investment manager is unhappy about Nedbank’s ‘Bank Your Time’ advertising campaign, which aims to show that its digital banking solutions can help save time for their clients.

Riches to rags for online trader

Trading platform AfriMarkets has had its licence provisionally withdrawn and bank accounts and assets frozen due to concerns that its aggressive sales tactics and possible association with deepfake advertisements posed a risk of harm to clients and the public.

South Africa's SWIFT access not at risk

National Treasury has said it sees very little risk of SA banks losing access to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, the messaging network over which international payments are made, according to News24.

SARS flags crippling illicit trade

The SA economy loses billions of rands to tax evasion and illicit financial flows annually, but the SARS continues to wage its battle against tax fraud.

Call for law to stop bank account closures

THE #RacistBanksMustFall movement in SA has called for legislative intervention in the wake of a US executive order designed to prevent banks from closing accounts based on political or religious beliefs, reports The Star.