Treat your bank account as private property, says Sabric

2010-10-26 08:17

People should not let anyone use their bank accounts to deposit money because the money might have been fraudulently attained, the SA Banking Risk Information Centre (Sabric) said today.

“Unsuspecting bank account holders are being approached by people with plausible stories to allow them usage of their accounts to receive money,” said Sabric spokesperson Bongani Diako.

“What the bank account holders don’t know is that they are possibly involved in criminal activities because these types of transactions usually involve stolen money.

Legitimate bank clients’ accounts are used as a laundering vehicle,” he said.

Diako said money laundering was usually linked to other types of bank fraud, such as phishing, where money was fraudulently accessed with phished information, usually through false web links or emails.

“In the past, perpetrators used to open accounts with fraudulent documentation and they used these accounts to launder the proceeds of crime,” said Sabric CEO Kalyani Pillay.

She said these individuals had increasingly resorted to using accounts opened by “good people” offering money in exchange.

“Such conduct amounts to taking part in a really serious criminal offence that can put a person in prison for a long time,” Pillay said.

People should also be wary of individuals posing as possible employers who required bank cards and PIN numbers to transfer salaries.

“Treat your bank accounts as private property that should not be shared, not even with your closest friend or family,” she said.

If a person had opened a bank account for the use of anyone other than themselves, they should notify their bank immediately to arrange the cancellation of that account.


Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.

Inside News24

 
/Sport

Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.