A recent experience by a valued client of ours brought this topic to the fore and we regularly hear of other incidences where people in business have lost money due to criminal activities. Beware of anyone asking for your banking details, it may be an attempt at fraud.
Never accept email instructions to change a creditor’s client bank details without first verifying the authenticity thereof. It is quite acceptable for you to call the client and insist upon proof of bank account details if you are concerned.
Due to the high and increasing incidences of these crimes, we are requested by most financial institutions to provide proof of bank details for the record and as a protection mechanism. It is therefore extremely prudent to regiment strict control and authority over who may amend or change such data in your electronic banking system.
Don’t Be Fooled
These criminals are not necessarily sitting out of sight. They are very often found to be your own employee or employees of your client.
When this happens and the money is gone, it is usually too late to recover. Some people have experienced the banks to be unhelpful or the SA Police Services as ineffective; we should just be mindful of how stretched and limited these resources are. It makes it even more important for consumers to take more responsibility for the security of their and their client’s money.
Author: Brian Addison
Contact Addsure – The Leaders in Sectional Title Insurance – to get fit and proper advice from advisors who understand Sectional Title. Contact us in Johannesburg (011) 704-3858; Durban (031) 459-1795; Cape Town (021) 551-5069