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

PSG Wealth Financial Planning has been ordered 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. Then, in October 2019 there was a “somewhat unusual request” when Fisher received an email, purportedly from Gerber, requesting to liquidate R250,000. The email also provided details of a new bank account with FNB.

“Unsurprisingly, came the response from the hijacked email that the payment should be made into it,” Judge Fisher said.

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