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Absa Bank and the Justice Department are investigating the theft of R10 million stolen in a daring hack of The Guardian’s Fund accounts at the Pietermaritzburg Master of Judicial Offices.
the Mail and tutor he has learned that the department, along with Absa, is fighting to recover the stolen funds. This is after they learned of the attack late last week.
It’s not clear exactly when the money was taken, but well-placed sources say it was diverted in 11 transactions. The breach is believed to have emanated from Absa’s side, the sources said.
The spokesman for the Minister of Justice and Constitutional Development, Ronald Lamola, Crispin Phiri, said: “Unauthorized transactions may have been attempted with the Guardian Fund.
At this stage, it is unclear whether this unauthorized attempt was the work of a cyber attack. The department has opened a case with the South African Police Service (SAPS).
“The SAPS will investigate all elements of possible criminality. Additionally, the justice department and the constitutional development forensic team and banking partners are conducting an internal investigation, ”he said.
The Guardian’s Fund is under the control of the high court and was created to manage money on behalf of people who are legally incapable of managing their affairs. This includes minors, unborn heirs, and missing or missing persons.
According to the government, the money in the fund, around R13 billion in 2018 according to its annual financial statements for that year, is invested with the Public Investment Corporation and audited annually.
the M&G has established that, beyond freezing the rest of the fund’s accounts, the chief captain has taken possession of all employee desktops and laptops in the office as part of an investigation. The hope, sources said, is that the transfers can be reversed.
“Absa’s coroner is involved and there is a real fear that this person may have access to other accounts at our other offices across the country,” the source said.
The Guardian’s Fund is also administered in five other teachers’ offices: Cape Town, Pretoria, Bloemfontein, Kimberley and Makhanda.
Absa’s investment and corporate banking division said Wednesday: “Please note that the Department of Justice and Correctional Services is our client. Due to the client’s confidentiality obligations, we are not free to discuss matters relating to your account. ”
Last month, the South African Banking Risk Center announced that there had been a significant data breach at the South African wing of the multinational credit agency, Experian, which resulted in the exposure of the personal information of 24 million South Africans and 793,749 Business. At the time, this was reported to be the largest data breach in South African history.
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