Nedbank passes risks to clients without compensation

I would like to create some awareness of the risk Nedbank or the banking sector has created to the general public. With cellphone banking we are all forced to have the banking application on our phones for conveience and cost savings however this now means we are all risking our lives and money in our bank account by having the application on our phones.

I was recently ****** and held hostage with my kids because the ********s found we had the banking applications on our phones. We were forced to supply the passwords and were held hostage whilst the ciminals cleared our accounts. We were fortunately released unharmed 3 hours later. I immediatedly reported the offence to my bank to stop my account.

Nedbank investigated and finalised my case stating that they were not at fault therfore they will not be re-imbursing my money. I beleive the banks re forcing us to have the banking applications on our phone, they have put us in a high risk position. They have moved the risk from the banks to the customer by us virtually carrying our bank in our pockets. For this the banks should atleast covered our risk by insuring our funds against any ******** activity. The sad part is Nedbank advised me that they do not have such cover.

I have checked with the banking Ombudsman and it appears that non of the banks have such cover. So now we have to deceide if we want the convenience of cellpone banking or going into the bank and trust me you will pay dearly in time and money by going inside the bank.

I feel the banking sector should be covering / insuring loss of funds through ciminal activities. It's rather painful to hear the bank say it's not their fault after you have been through a traumatic experience.

Disappointed Nedbank Client Morgan Moodley