The banking industry’s loss due to credit card fraud in SA stood at over R450 million in 2014, according to the South African Banking Risk Information Centre – a 23% increase compared to 2013. Card fraud once again made headlines in early 2015, when the Payments Association of South Africa reported a sharp rise in bank card fraud at fast food outlets – which was a result of server malware capturing the magnetic stripe data on cards and sending it to a criminal syndicate.
Car crash scams are becoming more prevalent in South Africa, and whilst professional insurance detectives can spot a scam, often a regular driver can’t which leads to unfortunate consequences. This is according to car market information site, Carinfo.co.za which has warned drivers to always keep to the rules of the road. Car Crash Scams: How They Work
HUNDREDS of investors in the alleged Carmol Distributors ponzi scheme are still awaiting the return of their cash, with the company’s directors defying orders to repay them and dodging sequestration orders. Carmol directors Yunus Goolam Moolla and Fathima Carawan were ordered to repay an undisclosed amount in investors’ cash after an audit by professional services firm EY found the company, which marketed itself as a fuel distributor, had carried on the business of a bank.
The election of a new FIFA president will go ahead as planned on February 26 despite the suspensions of current president Joseph Blatter and leading candidate Michel Platini, the executive committee of the ruling body decided Tuesday. The committee confirmed the original date at an extraordinary meeting called in the wake of 90-day suspensions by the FIFA ethics committee in early October.
Volkswagen has admitted fitting its latest cars with a new device allowing it to cheat emissions tests. The carmaker, which is already embroiled in a scandal over its previous models, told US regulators there was additional suspect software in its 2016 diesel cars that had not previously been disclosed.
Police commissioner General Riah Phiyega has been suspended while an inquiry into her fitness to hold office is conducted, the Presidency announced on Wednesday afternoon. “The suspension is to endure pending any decision that is made following upon the recommendations of the Board of Inquiry into allegations of misconduct, her fitness to hold office and her capacity to execute official duties efficiently,” a statement reads.
South Africa’s credit regulator has asked a consumer tribunal to impose a fine on grocer and furniture retailer Shoprite for reckless lending, it said on Wednesday. The National Credit Regulator (NCR) said Shoprite should also not have sold retrenchment and occupational insurance to pensioners and consumers receiving government welfare grants.
The ethics committee for global soccer body FIFA has banned former South African soccer official Lindile Kika from the all of the sport’s activities for six years. “The adjudicatory chamber of the Ethics Committee, chaired by Hans-Joachim Eckert, has banned Lindile Kika, a former official of the South African Football Association (SAFA), from all football-related activities at national and international level for six years. The ban is effective immediately.
Witnesses have described the pandemonium that broke out in a Johannesburg mall on Monday during an armed robbery, when a woman apparently jumped from the second floor in a state of panic. “I couldn’t believe that she jumped. She just kept crying in pain, saying that she was scared of being shot. I asked her why she jumped and she said she was scared and wanted to hide away from the robbers,” said Eric, a painter in the recently opened shopping mall.
Sophiatown top cop Colonel Mohale Masia has appeared in the Johannesburg Magistrate’s Court on charges including corruption, the Hawks said on Tuesday. Masia who was in charge of visible policing operations at Sophiatown police station, was arrested just after he reported for duty on Monday. Hawks spokesperson Brigadier Hangwani Mulaudzi said the 51-year-old was arrested for allegedly defeating the ends of justice and corruption.
Gauteng Premier David Makhura on Tuesday placed the head of the provincial Sport, Arts, Culture and Recreation Department Namhla Siqaza on precautionary suspension following allegations of improper conduct. “The Premier views the allegations made against Siqaza seriously and has decided to institute a disciplinary enquiry to address the allegations,” the Gauteng Provincial Government said in a statement.
The banks call it “set off”; a dry euphemism for money grabbing. Here’s how it works – when a consumer owes money on one account, a bank helps itself, with no warning, to money that person has in another account with the same bank. Typically money is taken from a current account to settle a credit card or personal loan debt. It’s a highly contentious practice, with only the banks and their attorneys fiercely defending their right to do it.