Nedbank poor service and failure to challenge digital money ***** / laundering

In November of 2025, I was de*****ed by a company called JASAMEN to the value of about R 16K. The *****sters used the Nedbank Mony App to obtain payment. Although I approved the payment via my phone, expecting only a R 27.00 payment and realising my mistake, I immediately tried to get through to the Nedbank ***** division which took approximately 20 minutes and instructed them to block the card and payment to the merchandiser. Within 10 minutes the monies had already been withdrawn. I lodged a claim form with Nedbank only to be told that this was social engineering and I was responsible. Receiving no support from Nedbank complaints and services line, I submitted an appeal to the NFO who in turn has sided with the Nedbank response.

Nedbank claims that due to Mastercard and Visa rules, they have no chargeback abilities to recover any monies.

I find their answer to be strange and neither Nedbank nor the NFO make any statements in their response to myself that they have reached out to other international entities to block the company JASAMEN from international banking.

Strange enough, when any individual requests a credit card, they have to prove FICA, Identity number and proof of funds, e.g. salary etc. Also when one want's to transfer monies within your own bank accounts there is a 24 hour waiting period. When Nedbank responded to my claim, they inserted the personal details of another client, thus violating the POPI act.

My experience proves just how simple it is for ****sters to money launder and de***** bank customers.

Readers should also take note of a Daily Maverick, four part article written by Rebecca Davis who goes on to explain how financial / banking institutions go out of their way to conceal the truths behind digital *****.

As a long time Nedbank client, with monies invested in long term investments, this leaves a very sour taste in one's mouth and I will soon be changing my banking and investments to another institution.