How to get your money back if you fall victim to electronic fraud

Electronic fraud through digitals wallets, and credit or debit cards is on the rise in South Africa. More worrying is the fact that many banks are fighting customers to not payout when someone has lost through electronic fraud.

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As we covered earlier this week, that’s why you should always carry cash with you in South Africa. The vast majority of the country still counts cash as king in South Africa, which immediately makes them less susceptible to electronic fraud. But what can you do if you are a victim of electronic fraud?

FIGHTING ELECTRONIC FRAUD

Consumer watchdog Wendy Knowler recently spoke on Cape Talk, and said the way to get your money back if the bank isn’t complying is through the Ombudsman for Banking Services (OBS).

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The OBS has been investigating 124 complaints over the last three months. So, roughly 40 cases a month of electronic fraud, or near-field communication (NFC) fraud as it is known, amounting to millions of Rands.

REFUNDED IN FULL

Knowler used the example of a client who lost R11 500 through a fraudulent ApplePay transaction, which the bank refused to reimburse. After lodging a complaint with the OBS, the client was refunded in full.

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It would appear as though banks are quicker to settle electronic fraud cases now that the OBS is representing the consumer and bringing these matters to light. Better still, banks are taking preemptive measures to improve security against electronic fraud.

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According to the report, Knowler says the OBS has closed 132 cases of electronic fraud, with 22 still active. R2.5 million has been recovered in respect of these types of cases, with an average of R19 000 per complaint.

WHAT CAN YOU DO?

Prevention is better than cure, so best to avoid electronic fraud anyway you can. Do not click any hyperlinks in SMSes. You should be wary of any bank SMS about linking a device. And if you are the victim of electronic fraud, be sure to lodge a complaint with the OBS HERE if your bank doesn’t support you.

ALSO READ: Why you should always carry CASH with you in South Africa

Have you been a victim of electronic fraud? Be sure to share your thoughts with our audience in the comments section below. And don’t forget to follow us @TheSANews on X and The South African on Facebook for the latest updates.

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