A 59-year-old former mineworker fell victim to a sophisticated banking fraud scheme and was defrauded out of more than R150K from his retirement savings in just three days.
Tsietsi Mokgapa, who recently retired after 27 years at Mponeng mine, discovered eight unauthorized transactions made through his Standard Bank account while visiting family in Lesotho.
How the Fraud Unfolded
The fraudulent activity began with an illegal SIM swap executed four days before the transactions occurred. Criminals then used Mokgapa’s compromised banking details to make multiple online purchases, including:
- R30,004 Takealot order (plus another R30,000 purchase the next day)
- R86,997 across three transactions including Computicket
- R3,501.31 in Checkers Sixty60 deliveries
- R170.39 Debonairs Pizza order
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“I didn’t even know what Takealot was,” Mokgapa told reporters, emphasizing he never authorized these purchases. His South African SIM card became unusable during his Lesotho trip, preventing him from receiving security alerts.
Bank’s Response and Investigation
Standard Bank rejected Mokgapa’s reimbursement claim, stating one-time passwords (OTPs) were sent to his registered number. However, documentation showed his SIM had been illegally swapped prior to the fraud.
The National Financial Ombud Scheme has opened an investigation after Mokgapa, assisted by a family member, filed formal complaints. Free State police confirmed a fraud case is underway, though no arrests have been made.
Security Recommendations
Banking experts advise customers to:
- Never share PINs, CVV numbers, or card details
- Monitor accounts regularly for suspicious activity
- Report lost SIM functionality immediately
- Use banking apps instead of SMS verification where possible
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The case highlights growing concerns about SIM swap fraud targeting South African banking customers, particularly retirees with substantial savings. Consumers are urged to remain vigilant against increasingly sophisticated digital theft methods.