IOL has also reached to the Financial Sector Conduct Authority (FSCA) as majority of the scammed women believe there was flouting of laws when they were either allowed to withdraw huge sums of money, or money was fraudulently withdrawn from their bank accounts.

Regarding the withdrawal of large sums of money, the FSCA said in South Africa there are no specific regulations on cash withdrawals.

“From the FSCA perspective, there are no specific regulations regarding cash withdrawal limits. However, customers have the option of setting daily or transaction specific limits directly with their individual banks based on their own personal and security preferences for their protection,” the authority told IOL following a query.

The FSCA advised that if the victims feel that their banking institutions are not providing tangible solutions, the bank clients should escalate matters to the National Financial Ombud Scheme (NFO).

“If a bank is unresponsive or the issue remains unresolved, victims can escalate the matter to the National Financial Ombud Scheme (NFO), providing all relevant information. NFO mediates disputes between customers and banks to facilitate a resolution.

“Victims are also urged to report such activity to the South African Police Service (SAPS) and the Southern African Fraud Prevention Service (SAFPS),” according to the FSCA.

Some of the scammed women allege that they were under a form of coercion when they were led into some bank branches, and were escorted to withdraw huge sums of money.

The FCSA said the coercion should be reported to authorities.

“To report an incident of fraud and coercion, customers should contact the bank's fraud department. The department will provide guidance on the necessary documentation and the required process. Such allegations should also be reported to the SAPS and the SAFPS,” the FSCA added.

Some of the scammed victims insist the banking institutions erred in giving them huge cash loans which they cannot afford to service.

“The National Credit Regulator (NCR) regulates and ensures compliance with the National Credit Act concerning the provision of credit or loan products. Individual complaints regarding the inappropriate granting of credit may also be lodged with the NFO,” according to the FSCA - the South African financial institutions market conduct regulator.