Critical Complaint: Unauthorized Transactions and Lack of Resolution

Dear Sir/Madam,

I am writing to express my deep dissatisfaction with Capitec Bank’s handling of a security breach that resulted in the theft of R114,000 from my account in January 2021. This incident highlights systemic flaws in your security and customer support processes that demand immediate executive attention.

Key Issues: Security Breach and Negligence: Despite my daily transaction limit being set at R50,000, your system allowed unauthorized transfers totaling R114,000 within two hours. This failure raises serious concerns about the integrity of your ***** detection and transaction control mechanisms.

Inconsistent and Misleading Support: I was forced to repeat the claims process due to misinformation provided by branch staff, adding unnecessary delays and frustration to an already distressing situation. Furthermore, promised follow-ups after 21 and 11 working days were not honored, leaving me to pursue updates with no resolution in sight.

Dismissive Claims Rejection: My claim was denied on the basis that I allegedly "gave away my PIN." This is both inaccurate and dismissive, as the transactions occurred via internet banking—a service I do not use. This explanation fails to address how your internal controls allowed such a breach and whether internal collusion was involved.

Business Impact: As a customer who trusted Capitec with their life savings, this breach has left me financially devastated and questioning the safety of banking with your institution. The emotional toll is immeasurable, particularly as these funds were earmarked to secure a home for my children.

Your handling of this case reflects poorly on Capitec's commitment to customer protection and operational integrity. The suggestion that similar cases are common only exacerbates the perception of a systemic vulnerability within your bank.

My Expectations: A Detailed Investigation: Provide a full report explaining how your systems permitted these transactions, and outline measures to prevent similar incidents. Compensation for the ****** Amount: As the breach resulted from lapses in your security protocols, I expect full restitution of my funds. Accountability and Transparency: Commit to revising internal controls and improving the resolution process for such critical incidents. As a responsible financial institution, Capitec must take accountability for safeguarding customer assets. Failure to resolve this matter adequately will compel me to escalate my complaint to the Banking Ombudsman and explore legal options.

I trust you will treat this matter with the urgency and seriousness it deserves.

Sincerely, Zeka PFN ***