MyZA

News, Directory, Events and Other Stuff

You are here: Home / News / Explainer: How “money mule” scams work

Explainer: How “money mule” scams work

We asked the banks what they are doing to combat this type of fraud

South Africans probably lose hundreds of millions of rands annually to mule fraud. While the banks agree this kind of scam is growing, there is not yet a properly calculated estimate of the size of the problem. Graphic: Lisa Nelson

Scammers are taking over bank accounts, often by paying account owners for a One Time Pin (OTP).
People who have their bank accounts hijacked are called “money mules”.
Here we explain why this happens, and what needs to be done.

Judith Hawarden must have been excited when she paid R5.5-million to ENS, the attorneys handling the sale of her new house. Unfortunately, she didn’t realise that the email she had received with the bank account details wasn’t from ENS but…

Read More: Explainer: How “money mule” scams work.

Inter-community conflict: Conflicts between different communities.

Category: Tag:

If you feel strongly about this article then feel free to send MyZA a ‘Letter to the Editor’ using the submission form below:

Letter to the Editor

This field is for validation purposes and should be left unchanged.
If this is in response to an article please include that article title here or as the lead in for the first paragraph of your Letter below.

Separate tags with commas

Localise your letter by naming the city your words are about. Add relevant words describing your subject. Single comma separated words of no more than 5
Your Name(Required)
Your Name will be linked to the website below.
Your personal, business or social media web site
Choose NO to not set up a user account on MyZA. User Accounts will allow you to submit letters under your own Author Name

3 Latest Letters to the Editor:

  • Congratulations to the Lotto Winner

    Dear Editor Dear Editor, I was thrilled to hear about the R8.5 million Lotto win for the community of Gqeberha. Such life-changing news brings hope and excitement to everyone in the area. I congratulate the winner and wish them all the best with their prize. May this bring positive change to their life and the…

  • Opinion on Lotto Winner News

    Dear Editor Congratulations to the lucky winner! This is truly wonderful news for the community. Regards Marina Adams In Response to/From: Congratulations to the Lucky Winner

  • Regarding Lotto Winner Story

    Dear Editor Congratulations to the winner, this is wonderful news for the community. Wishing them the best for the future. Regards Willem Pieterse In Response to/From: Re: R8.5 Million Lotto Winner Claims Prize in Gqeberha

Reader Interactions

Comments

  1. Fun South African Fact: South Africa is home to a variety of landscapes and biomes, including deserts, wetlands, bushveld, grasslands, mountains and subtropical forests.