The South African Banking Risk Information Centre (SABRIC ) would like to remind bank clients to always be on the lookout for Phishing, Vishing and SMishing scams. Phishing, Vishing and SMishing are all methods of deceitfully obtaining personal information such as passwords, ID numbers and bank card details by tricking clients into believing that they are from trusted sources, such as banks or legitimate companies.
Dependants can’t sue Road Accident Fund where breadwinner dies in single vehicle accident. The surviving wife and children of a breadwinner sued the Road Accident Fund for damages when he died as a result of a single vehicle accident in which the deceased’s negligence was the sole cause of the collision.
SABRIC, the South African Banking Risk Information Centre, on behalf of the banking industry has released its Card Fraud Stats for 2017 which reflect an overall decrease in card fraud. Debit card fraud decreased by 8.5% while credit card fraud increased by 1%, from R434.0m in 2016 to R436.7m in 2017.
Is digital money set to disrupt the banking industry? Natoshi Nakamoto – the creator of bitcoin – had a vision for the new age of commerce and that vision is being realised at a rapid pace as with all financial services, people all around the world desire financial platforms that are convenient, safe, reliable and trustworthy.
Banking has changed vastly over the past few years, as new technologies emerge to change the way we transact. Non-traditional methods of transacting, such as the blockchain and mobile banking, have emerged, causing an influx of data from multiple sources.
Running a country with hard cash is expensive. Instead of devising new plans to make cash available, governments should drive the cashless shift by promoting and enforcing electronic payments, which will motivate citizens to open bank accounts.
Section 190(5A) of the Tax Administration Act, 2011 requires a bank to immediately report to SARS if it has a reasonable suspicion that the...