- Nov 14, 2012
Full ArticleThousands of banking customers have raised concerns about fraudulent debit orders.
Its severity was highlighted in a Moneyweb article which stated that a number of customers had been hit by a ‘mysterious R99 debit order’.
The report estimated that as many as 750,000 fraudulent debit orders may have been implemented across the country’s five major banks – totalling R74 million.
Speaking to BusinessTech, Francois Viviers, executive of marketing and communications at Capitec, said that the occurrence of fraudulent debit orders has been a pain point for all banking clients and a great concern to the bank for some time.
“Fraudulent debit order originators typically submit debit orders for less than R99 as this is normally below the SMS notification threshold and therefore does not attract as much attention,” he said.