Bank exonerated in R1 million international payment fraud case.
The National Financial Ombudsman (NFO) has dismissed a complaint against a bank over the fraudulent diversion of an international payment worth more than R1 million.
The NFO ruled that the bank acted in accordance with its legal and regulatory obligations and was not liable for the complainant's loss.
The dispute arose after an international client attempted to pay the complainant for media and public relations services. However, the client fell victim to a change-of-banking-details scam after fraudsters intercepted email communications and substituted the complainant's banking details with those of a fraudulent beneficiary account held at the bank.
As a result, the payment of more than R1 million was deposited into the fraudsters' account instead of the complainant's account.
