Postbank to overhaul IT systems in push for full banking licence
In August, the Postbank fraud team reported some accounts had differences in closing and opening balances, which flagged a fraudulent pattern
29 November 2022 - 17:25
Postbank, which is eager for a full banking licence, says it is fast tracking the overhaul of its IT infrastructure, in a bid to stem losses after criminals managed to bypass its antiquated systems, siphoning at least R100m since 2021.
“Postbank has experienced multiple fraudulent incidents on the SA Social Security Agency (Sassa) beneficiary grant system. The system has been flagged by the auditor-general as having control weaknesses,” Postbank acting CEO Lucas Ndala told MPs on Tuesday...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.