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Criminal syndicate steals over R100 million in Postbank grants

# A criminal syndicate exploited weak IT controls at Postbank to steal 109-million-rand in five major incidences between October 2021 to October 2022. A KPMG forensic report has revealed that the scam involved cloning Social Relief of Distress Grant cards, resetting pins and withdrawing cash at ATMs. Several Postbank employees were found to be involved in the scam. Postbank CEO Nikki Mbengashe says the gaps identified by KPMG have been closed and access controls tightened.