Thousands of consumers have had more than R60m paid back to them after the National Financial Ombud (NFO) of SA’s banking division resolved their disputes with various banks. Over and above the monies paid back this year, there were repossessed vehicles that were returned to customers, and some had their debt written off. Of the R60m paid back to aggrieved consumers, the majority of refunds were awarded or offered by banks in fraud.
“Of the R60m paid back to aggrieved consumers, the majority of refunds were awarded or offered by banks in fraud-related cases. However, recommendations have also been made where it was found that the service by some banks was not up to standard or in line with the principles of treating customers fairly. “The banking division’s recommendations extended far beyond monetary compensation, which included the return of repossessed vehicles, the writing-off of debt – including confirmation of prescribed debt or overcharging of interest – reducing financial strain on debt-stressed consumers, and measures to avoid the sale of property at auction.
“[Most] importantly, many of these recommendations have driven significant changes in the banks’ internal processes and procedures, strengthening protection for consumers and improving industry standards.” She said the banking division’s work had delivered life-changing impact and was not only about resolving individual complaints. “[Some of the trends and observations include] mobile banking and internet banking fraud [which] remain the highest complaint generators, together accounting for 39% of all cases received. The NFO banking division observed a significant increase in online banking fraud complaints during 2025, with total complaints having increased by 15% compared to 2024.
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“As technology and AI [artificial intelligence] evolve, so too do fraudsters’ tactics. Fraudsters are increasingly using AI to deceive consumers, convincing them that they are speaking with their banks and persuading them to transfer funds directly to the fraudster’s accounts. Some scammers are even able to clone or copy bank numbers, making it extremely difficult for consumers to distinguish between legitimate calls and fraudulent ones.” Maseti urged consumers to be responsible when applying for credit.
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