An extensive investigation into illegal debit order scams involving the country’s major commercial banks has revealed the existence of organised crime syndicates seemingly operating on a massive scale.
Banks have been given a 12-month extension to fully implement the DebiCheck system which is meant to stem out rogue debit orders.
Fin24 users speak of their frustrations with banks, calling for a crackdown on debit order fraud that sees payments they didn't authorise being deducted from their bank accounts each month.
Payments Association of South Africa has warned consumers to be cautious when sharing personal information which can be used by fraudsters to make unauthorised debit orders.
FNB has detected a new debit order scam, by parties known as Procall and Mzansi, and is working to pursue criminal charges.
Capitec has lowered the minimum value that triggers an SMS notification for clients to be made aware of small debit orders from their accounts in an effort to fight unauthorised transactions.
For bank account holders who have been victims of debit order fraud, the big four banks share their remedies.
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