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Class action our only recourse

A Fin24 user writes:
 
Back in November 2012 I was the victim of a SIM swap and had R300 000 taken from my Absa Group [JSE:ASA] Flexi-Bond account, transferred to my savings account and then paid out to a Nedbank account with the reference 'Absa Bank furniture'.
 
The matter was reported to the police who told me that in their opinion there was some 'tie-up' between Absa and MTN, that they had had numerous similar incidents reported to them and that they were sure it was an 'inside job'.
 
Absa, within two days and after a 'thorough investigation', denied all responsibility for the loss and said that '100%' of such cases were as a result of the PIN and password being disclosed to a third party.
 
I referred the matter to the Banking Ombudsman and swore an affidavit that I had not replied to any 'phishing' emails or disclosed my log on details to anybody, not even my wife. (I used to work in IT and am very aware of internet security. I have constantly updated anti-virus and screen all emails through a spam filter, not even downloading, never mind opening, emails from sources I do not know.) 

I also asked MTN to supply me with details of where and how the SIM swap was effected, copies of the paperwork that must have been raised and any CCTV footage from the branch involved.
 
I was extremely lucky that in March I was told by Absa that they had 'recovered' the stolen money and it was repaid into my account. However, during the time the money was missing and as it had been taken from my bond account, Absa charged me interest. 

I asked for this to be refunded as I was blameless for the loss of the money, and that it been attracting interest in whatever account it had been held in while Absa and Nedbank sorted things out.
 
Absa repudiated the claim, accusing me directly of negligence by revealing my log on details.
 
I replied that unless Absa could provide me with proof to back up such an allegation, this was a defamatory statement.  I also pointed out that it was not just my log on details but the fact that the fraudsters knew which account to hack, knew that the money could not be paid out from that account, knew who my cell provider was and my cell number. 

Apart from myself, the only location that holds all this information is Absa.
 
In spite of numerous letters to MTN repeating my requests for information, I have heard nothing since November.  I have also heard nothing from Absa since March in response to my points raised in regard to their repudiation of my interest claim.
 
I am now considering taking action against Absa for defamation and for the refund of interest. As it would appear that many people, including your CEO Esmaré Weideman, have been victims of similar fraud, I was wondering if anyone would be interested in joining in such an action?
 
 - Fin24

Disclaimer: All articles and letters published on MyFin24 have been independently written by members of the Fin24 community. The views of users published on Fin24 are therefore their own and do not necessarily represent those of Fin24.

Fin24 reserves the right to obtain service providers' comments before publishing any articles or letters, and to edit any material used. Fin24 also reserves the right to edit or delete any and all user comments received.
 
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