MBOMBELA – Approximately R21 million stolen from a local company in Mpumalanga through a sophisticated online banking scam has been recovered.

This is after the National Prosecuting Authority’s (NPA) Asset Forfeiture Unit (AFU) in the province successfully secured three forfeiture orders in the Mpumalanga Division of the High Court, sitting in Middelburg.

The case arose from a complex cybercrime scheme in which approximately R21.55 million was unlawfully transferred from Jormid Electrical (Pty) Ltd, a Middelburg-based company’s bank account into multiple bank accounts linked to individuals suspected of receiving the proceeds of the fraud.

On 21 May this year, the company’s financial manager received WhatsApp messages purporting to be from ABSA Bank, claiming that suspicious transactions had been detected on the company’s business account and requesting confirmation of their legitimacy.

After indicating that she did not recognise the transactions, she received a telephone call from a person falsely claiming to be an official from ABSA’s Fraud Division. The caller convinced her that he was assisting with the cancellation of fraudulent transactions and instructed her to approve several electronic links sent to her cellphone.

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While still on the call, a colleague alerted her that numerous unauthorised transactions amounting to approximately R21.55 million had already been processed from the company’s account.

The incident was immediately reported to ABSA’s Fraud Department, and a criminal case was subsequently opened with the South African Police Service (SAPS).

The orders, granted on 15 September and 21 September, follow an urgent preservation order obtained by the AFU on 12 June in terms of section 38 of the Prevention of Organised Crime Act (POCA). The orders authorised the forfeiture of funds held in nine bank accounts and their return to the victim, Jormid Electrical.

Understanding the threat

According to ABSA, WhatsApp fraud is a social engineering scam used by criminals to exploit trust through impersonation and deception. It aims to manipulate victims into sharing sensitive information or transferring funds via WhatsApp messages or calls.

These scams are often orchestrated by organised criminal syndicates operating across multiple jurisdictions, which leverage increasingly sophisticated techniques to target both individuals and organisations.

With the growing scale and complexity of digital fraud, it is critical for individuals and organisations to remain vigilant, informed and proactive in mitigating risk.

How the scam works

1. You receive a WhatsApp message or call from someone claiming to be from your bank’s fraud department, alerting you to alleged suspicious transactions. This caller might even know detail about you, such as your full name, identity number, the first part of your bank account number, and more.
2. The fraudster creates urgency and offers to “assist” by sending you a malicious link to reverse or stop the transactions. Clicking the link may:
   • compromise your device;
   • provide criminals with access to your banking credentials or apps; and
   • result in unauthorised transactions and financial loss.

Another variant: Impersonation of senior executives

1. Fraudsters impersonate an organisation’s senior executives (for example, its CEO, CFO or FD) and contact its finance or treasury teams.
2. Victims are instructed to process urgent and confidential payments, often outside standard processes. The sense of urgency and authority is used to bypass controls.

Prevention tips

• Keep in mind that Absa will never:
  • ask you to click on a link to cancel or reverse a transaction;
  • request your OTP, PIN or password; or
  • instruct you to transfer money to a “safe account”.

Treat any such request as fraudulent.

• Do not act on payment instructions received via WhatsApp without independent verification.
• Confirm all payment requests using known and trusted contact details.
• Ensure that payments are made only to verified beneficiaries.
• Strengthen internal company controls by:
  • implementing segregation of duties;
  • performing regular account reconciliations; and
  • conducting routine fraud awareness training for finance, treasury and accounting teams.
• Always:
  • contact your Banker or the Corporate and Investment Banking (CIB) Fraud Hotline immediately if you suspect fraud on your account(s);
  • avoid clicking on unsolicited links; and
  • be cautious of unexpected or urgent requests received via WhatsApp.