IMB assisting ******** and **********

In Jan this year I was ****med. After investigations, it was brought to my attention that the funds were paid into an IMB account. The person whom opened the account with IMB used **** documentation. By the time Candice at IMB was notified of this, the account holder had withdrawn majority of the funds. Candice at IMB is claiming that nothing can be done to compensate me and they aren't going to be held liable. IMB did no reference checks on their own to ensure that the account holder supp**** correct details. I have now lost R6400.00 due to their negligence, and this Zimbabwean guy is walking around freely. Surely IMB should have insurance for this sort of case???