Banks Hiding Insider Fraud in Digital Banking
Johannesburg News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
South African bank customers are losing millions to digital fraud, with many suspecting insider involvement. Banks deny this, attributing incidents to phishing and social engineering. However, court records reveal real insider crimes, such as employees stealing funds by changing phone numbers or reactivating dormant accounts. Victims struggle to prove wrongdoing as banks refuse to share audit logs or investigation reports. Legal experts argue banks must release relevant records, but settlements often come with strict confidentiality clauses, silencing stories and hiding patterns. The truth remains buried in withheld data and gag orders, leaving victims wary of digital banking.
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