Beware! Scammers are using Capitec bank accounts as so-called business accounts

Beware! Scammers are using Capitec bank accounts as so-called business accounts

There are many ways to tell if you’re dealing with a fraudster posing as legitimate companies online, says Consumerwatch’s Wendy Knowler. 

Scam Alert


But this is one of the easiest “tells”...

I hear from a lot of very distressed victims of fraud; people who saw an advert online, paid their money to the company concerned and then never got the goods.

In most cases, they paid their money into a Capitec account. 

Here’s the thing - Capitec doesn’t have business accounts. The bank told me: “In the case of money muling, the fraudsters tend to target banks with faster processes for quicker results. “For example, like African Bank, Capitec has the quickest turnaround in opening a fully functional account. “It can take less than 10 minutes to walk out of a branch with a new banking card and app access, whereas traditional banks take longer.”

READ MORE: What really counts as an online purchase? Learn from this Consumerwatch case study

Fraudsters pay so-called money mules to open bank accounts, and when the victims’ money lands in that new account, they transfer it to the fraudster, thereby ensuring that the fraudster remains untraceable.

“Capitec does not currently offer business accounts, therefore people should not believe a business that states it has one,” the bank said. "Should consumers fall victim to fraud – or even if they don’t fall victim to the attempt – it is important to contact the bank to report the incident.”

Make a call to Capitec’s 24-hour call centre on 0860 10 20 43.

It’s the same story with African Bank - the bank only has personal accounts, not business ones.

Wendy Knowler shares advice on how to spot a scam:

READ MORE: Pigs and bank scams: Learn how to stay safe in this week’s Consumerwatch

What some used car salesman won’t tell you

Dodgy used car dealers aren’t big fans of the Consumer Protection Act’s (CPA) Section 56, which requires them to take responsibility for things that go wrong with car within six months of purchase. That’s why many of them insert clauses into their contracts, essentially saying the cars are being sold voetstoets, or falsely claim that if the buyer wants a warranty they need to buy one of those expensive “aftermarket” ones - from them!

Heidi, who is in the market for a small used car, queried that with me recently.

READ MORE: Buy now, cry later

“I feel so defeated,” she said. “We've been looking at buying from a proper dealer, because, as I understand, according to the CPA, there should be a 6-month warranty on the car, which we won't get if we buy privately.

“But two dealers have  told me that I'm wrong, and they offer an optional warranty that I can BUY at thousands of rands!

“Please help. Who is right here?”

She is!

After-market warranties have their place, particularly from the seventh month, but they carry many exclusions. If your used car breaks down within six months of purchase, the dealer is legally obliged to fix it - at no cost to you.

Get in touch with Wendy via her website or her Facebook page. Please note that Wendy is not able to personally respond to every email she receives. If she is able to take up your case, she will contact you directly. Here are other avenues for you to consider.

Listen to more podcasts from Wendy Knowler in the Consumerwatch channel below: 

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