PSG Wealth Financial Planning has been ordered to pay a client more than R800,000 stolen by fraudsters through email cybercrime. | GroundUp_News
a financial services company to pay a client more than R800 000 stolen by fraudsters through email cybercrime.
Gerber had a share and cash portfolio with investments totalling R855 413 as at September 2019. This could be liquidated and paid out at Gerber’s request. Fisher emailed back, asking for confirmation of the new account. An email was sent back, containing a letter, ostensibly from FNB, which appeared to have an official bank stamp and reflected that the account had been opened in 2002.
"Unsurprisingly, came the response from the hijacked email that the payment should be made into it," Judge Fisher said. Judge Fisher said the emboldened hacker was alerted by Van Stavel that Gerber’s wife also had an investment account. The hacker then requested R400 000 from his wife’s account. But when that email arrived, Van Stavel testified that"something didn’t look right".A subsequent investigation revealed that Gerber’s email had been hacked, and all the emails to and from PSG were diverted to a separate file which did not appear in his inbox or outbox.
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