PROJECT: SIM SWAP AND BANKING FRAUD TARGETING VULNERABLE SOUTH AFRICANS

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Specialised Security Services (SSS) has recently been made aware of a serious case involving

an elderly South African citizen who lost her entire life savings, approximately R700,000.00,

owing to a combination of SIM-swap fraud and unauthorised access to banking systems.

This incident occurred despite the client’s history of never conducting online banking

and the bank’s duty to have safeguards in place.

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THE CASE:

• While recovering in a rehabilitation facility following surgery, the victim’s identity and banking credentials were unlawfully used at a self-service banking kiosk, a location often exploited by fraud syndicates.

• On the same day, the perpetrators conducted a SIM swap at a mobile service provider, effectively hijacking the victim’s phone number.

• The criminals then:

  • Accessed the victim’s fixed investment account.

  • Transferred funds into her current account.

  • Emptied the account over eight consecutive days via multiple large transactions.

  • Created new beneficiaries, mostly within the same banking institution, to quickly move the stolen funds.

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CRIMINAL ASPECTS:

• This case involves multiple serious criminal offences under South African law:

  • FRAUD:

    • Intentionally misrepresenting identity and authorisation to gain unlawful access to funds.

  • THEFT:

    • Unlawfully depriving the victim of her property (money).

  • CYBERCRIME:

    • Unauthorised access to and manipulation of computer systems under the Cybercrimes Act, 2020.

  • IDENTITY THEFT:

    • Using another person’s identity details without consent.

  • CONTRAVENTION OF THE ELECTRONIC COMMUNICATIONS AND TRANSACTIONS ACT (ECTA):

    • Unlawful access and interference with data.

  • POSSIBLE DATA BREACH:

    • The fact that a non-user of internet banking suddenly had a profile suggests a failure in security protocols, potentially violating the Protection of Personal Information Act (POPIA).

• If prosecuted, perpetrators could face lengthy prison sentences—fraud alone can carry a penalty of up to 15 years’ imprisonment, and cybercrime offences can add further substantial penalties.

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CONCERNING FACTORS:

• FAILURE TO DETECT UNUSUAL ACTIVITY:

  • Multiple high-value transactions over a short period, on an account normally used for small, infrequent payments, should have triggered an immediate fraud alert.

• LACK OF IMMEDIATE ACTION POST-SIM SWAP:

  • Banks and mobile providers have a duty to investigate suspicious SIM swaps.

• VULNERABILITY OF ELDERLY CLIENTS:

  • Financial institutions must apply enhanced due diligence for high-risk categories, including elderly customers.

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PREVENTION MEASURES:

• BLOCK SIM-SWAP REQUESTS:

  • Contact your mobile provider to add a “SIM swap lock” or additional security verification.

• REGISTER FOR BANK ALERTS:

  • Ensure you receive SMS and email notifications for all transactions, including beneficiary creation.

• AVOID SELF-SERVICE KIOSKS:

  • These are prime targets for criminals to capture your information.

• LIMIT ACCOUNT ACCESS:

  • Request your bank to restrict online banking if you do not use it.

• MONITOR ACCOUNTS DAILY:

  • For those with family members in care facilities, designate a trusted person to check statements regularly.

• USE STRONG IDENTITY PROTECTION:

  • Store ID books, passports, and bank cards securely.

• REPORT SUSPICIOUS ACTIVITY IMMEDIATELY:

  • If you notice an unauthorised SIM swap or strange bank alerts, contact both the bank and your mobile provider without delay.

• DEMAND WRITTEN CONFIRMATION OF ACTION:

  • When reporting fraud, always request written proof of the incident and the bank’s actions.

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Specialised Security Services continues to investigate incidents of banking and cyber-related crime,

holding perpetrators and negligent institutions accountable.

We urge all financial institutions to enhance fraud detection systems, especially for elderly and vulnerable clients.

Victims of SIM-swap or banking fraud should contact SSS immediately for assistance.

Early intervention can prevent further losses and aid in the recovery of stolen funds.

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Specialised Security Services invites the public to the Mike Bolhuis Daily Projects WhatsApp Channel.

This channel is important in delivering insights into the latest crime trends, awareness, warnings and the exposure of criminals.

How to Join the WhatsApp Channel:

1. Make sure you have the latest version of WhatsApp on your device.

2. Click on the link below to join the Mike Bolhuis Daily Projects WhatsApp Channel:

- https://whatsapp.com/channel/0029VarjftF8PgsI4pODE929

3. Follow the prompts to join the channel.

4. Make sure you click on "Follow", then click on the "bell"-icon (🔔)

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CONTACT MR MIKE BOLHUIS FOR SAFETY AND SECURITY MEASURES, PROTECTION, OR AN INVESTIGATION IF NEEDED.

ALL INFORMATION RECEIVED WILL BE TREATED IN THE STRICTEST CONFIDENTIALITY AND EVERY IDENTITY WILL BE PROTECTED.

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Regards,

Mike Bolhuis

Specialist Investigators into

Serious Violent, Serious Economic Crimes & Serious Cybercrimes

PSIRA Reg. 1590364/421949

Mobile: +27 82 447 6116

E-mail: mike@mikebolhuis.co.za

Fax: 086 585 4924

Follow us on Facebook to view our projects -

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EXTREMELY IMPORTANT: All potential clients need to be aware that owing to the nature of our work as specialist investigators there are people who have been caught on the wrong side of the law - who are trying to discredit me - Mike Bolhuis and my organisation Specialised Security Services - to get themselves off the hook. This retaliation happens on social media and creates doubt about our integrity and ability. Doubt created on social media platforms is both unwarranted and untrue. We strongly recommend that you make up your minds concerning me and our organisation only after considering all the factual information - to the exclusion of hearsay and assumptions. Furthermore, you are welcome to address your concerns directly with me should you still be unsatisfied with your conclusions. While the internet provides a lot of valuable information, it is also a platform that distributes a lot of false information. The distribution of false information, fake news, slander and hate speech constitutes a crime that can be prosecuted by law. Your own research discretion and discernment are imperative when choosing what and what not to believe.

STANDARD RULES APPLY: Upon appointment, we require a formal mandate with detailed instructions. Please take note that should you not make use of our services – you may not under any circumstance use my name or the name of my organisation as a means to achieve whatever end.

POPI ACT 4 of 2013 South Africa: Mike Bolhuis' "Specialised Security Services" falls under Section 6 of the act. Read more here: https://mikebh.link/fntdpv

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SSS TASK TEAM:

https://mikebh.link/2fkmx6

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