Many don’t know what is being debited monthly

2019-07-03 06:01

TWENTY percent of respondents in a recent poll didn’t know which debit orders went off their account each month.

A further 11% were unsure whether they were aware of all the debit orders active on their account or not, and three percent they didn’t care to check.

With Fin24 reporting that around R1,6 billion is being illegally debited a year, the poll was conducted by Capitec Bank to help customers protect themselves from debit order fraud.

The poll also found that 72% of respondents had not heard about DebiCheck, the new debit order system introduced by the Payments Association of South Africa (Pasa).

Francois Viviers, executive of marketing and communications at Capitec, says there are a few factors that make people vulnerable to fraud. Firstly, not knowing what debit orders are active on your account makes you less likely to be able to spot it.

Traditionally, debit order fraud is also not immediately identified because clients don’t tend to receive any notifications about debit orders below R100 — hence, the term “R99 scam”.

DebiCheck enables clients to confirm the debit order, once off, at the start of a contract between a client and a company. This ensures no unauthorised debit orders can be submitted.

Consumers must also note that if they want to cancel a debit order completely, they need to contact the original service provider and not the bank. — WR.

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