Nedbank customers are demanding their money after their accounts were cleared by fraudsters
As concerns grow over fraud-related complaints at Nedbank and Standard Bank, two long-standing Nedbank customers have come forward with strikingly similar accounts of devastating financial losses, unanswered questions, and what they describe as dismissive “goodwill” settlement offers after their accounts were compromised.
Their stories, now before the National Financial Ombud Scheme (NFO), raise broader concerns about the security of South Africa’s digital banking systems, the effectiveness of fraud detection tools, and whether banks are doing enough to explain how sophisticated fraud incidents occur.
At the centre of both cases is the same unresolved issue: when customers lose tens of thousands of rands through banking app fraud, what obligation does a bank have to provide a clear technical explanation of how the breach happened?
For Cape Town-based cybersecurity professional Megan Hendriks, the alleged silence from Nedbank has become as distressing as the financial loss itself.
