According to media reports there has been a significant increase in kidnappings in South Africa, where criminal syndicates have targeted South African entrepreneurs. The banking division of the National Financial Ombud Scheme (NFO) has received some complaints relating to kidnappings where consumers disclose their confidential banking information under duress.
“A panel discussion around this new trend was held at the banking division's recent annual banking workshop. The discussion focused on incidents such as kidnappings and how digitisation has facilitated easier access to banking consumers’ funds for criminals. The discussion also explored possible and available measures to help banking consumers safeguard their financial information and mitigate financial losses,” says Nerosha Maseti: Lead Ombudsman - Banking Division, National Financial Ombud Scheme (NFO).
