Updated: Feb 25, 2021
Cyber hackers had hacked the communication between the victim, Tanya Koegelenberg, and the company she wanted to purchase equipment from for her and her husband’s business
On the 20th of May 2020 Maroela Media reported that a businesswoman, Tanya Koegelenberg, had paid R147 500,00 into a fraudulent account, after cyber hackers intercepted their e-mail communication. Anelisa Ngcakani, spokesperson for the National Prosecuting Authority of South Africa said, Koegelenberg only realized her mistake after she had already paid the money into the wrong account and the company that was supposed to deliver the goods asked her for the payment.
Ngcakani said that on the 26th of November 2019, the Asset Forfeiture Unit (AFU) had applied for a conservation order from the East London’s Circuit High Court, that effectively froze the remaining funds in the account. This was done on grounds that the funds that was kept in the account was retrieved illegally.
The AFU did an application to declare the remaining R100 056,80 as forfeit. It was placed on hold due to the lock-down period and reopened again on the 12th of May 2020 where the AFU had succeeded in having the funds declared as forfeit and had the funds paid to Koegelenberg’s account.
To date no one has been arrested for this cybercrime and although Koegelenberg had retrieved most of the funds, her and her husband’s business still lost more than R47 500,00 and the time lost to appeal the case.
How can you prevent this type of fraud from happening to your business?
The answer is Veriseal’s Bank Accountholder Verification Service. This online platform is easy to use and very affordable at only Five Rand per verification. It can potentially save you hundreds or even millions of Rands.
How does it work?
You enter the account number, account name, and identification details you were supplied with into the online form, and in real-time the information provided is verified against the available information held on record at the bank. Any discrepancies are highlighted.
· Our system is user friendly and very affordable.
· With Veriseal you can issue employees with separate usernames, negating the need to access your banking profile to do verifications.
· All verifications are archived which allows you to search, download or print in a PDF format.
· Your account is pre-funded by yourself which eliminates unauthorized transactions.
Let us help protect your business today, make sure to register here before it is too late.