PSG Wealth Financial Planning ordered to pay a client more than R800,000 stolen by fraudsters through an email hack

[mylesillidge]

Investment company ordered to pay over R800,000 after client's email hacked

The High Court in Johannesburg has ordered a financial services company to pay a client more than R800,000 stolen by fraudsters through email cybercrime.

Judge Denise Fisher ruled in favour of Jan Jacobus Gerber who sued a PSG Wealth Financial Planning for the loss he sustained due to the unlawful electronic transfer of money intended for his retirement that he had invested with the company.

 

[RonSwanson]

Such a basic attack. How could Jonathan Fisher have use the same compromised channel to verify his client's request?

It's little things like this that anyone who has served in the military know about, and applies in their daily lives. It's also pretty much common sense. We take it for granted as common knowledge, yet there is evidence, like this, that it is not so common. This illustrates the value of conscription in a competent military organisation.

 

[3WA]

I would like to find an investment company where all clients have to write an IT security exam beforehand so that I don’t have to pay higher fees to cover the losses of idiots like this.

 

[Sapphiron]

I think no financial transaction should be authorized by a single factor. It should be law.