Instability at Ozow

Daniel Puchert

Daniel Puchert

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Instability at prominent South African payment provider

Ozow co-founder and CEO Thomas Pays has been suspended from the company for over two months and is facing a disciplinary hearing as shareholders try to oust him.

MyBroadband has learned that investors are unhappy with Pays' management style and claim he has been wasteful and reckless with their funds.
 
To this day don't understand why Tencent and others invested $48m in this?
 
Just found this thread searching for Ozow because they ask for your banking username and password to settle a Temu order. Who in their right mind would enter their banking credentials on another site, let alone these guys, given what I have just read!
 
Supine said:
Just found this thread searching for Ozow because they ask for your banking username and password to settle a Temu order. Who in their right mind would enter their banking credentials on another site, let alone these guys, given what I have just read!
Click to expand...

I've always been amazed at that as well.
 
Supine said:
Just found this thread searching for Ozow because they ask for your banking username and password to settle a Temu order. Who in their right mind would enter their banking credentials on another site, let alone these guys, given what I have just read!
Click to expand...

Been using ozow instant eft for a while now... :oops:
 
This is so dodgy, how can anyone give their online banking details to a 3rd party, also how do they login in your account without the app authentication?
FNB and Capitec won't allow online banking payments to be made without authentication on their apps.
"Ozow was controversial. It required that customers provide their full Internet banking login details to make an instant EFT payment. Ozow used screen-scraping to log into the customer’s Internet banking and make the EFT payment on their behalf, providing merchants with assurance that the transfer had been made.
While this is a security risk, it helped online marketplaces process instant EFT orders without waiting for the transfer to clear first.l
 
airborne said:
This is so dodgy, how can anyone give their online banking details to a 3rd party, also how do they login in your account without the app authentication?
FNB and Capitec won't allow online banking payments to be made without authentication on their apps.
"Ozow was controversial. It required that customers provide their full Internet banking login details to make an instant EFT payment. Ozow used screen-scraping to log into the customer’s Internet banking and make the EFT payment on their behalf, providing merchants with assurance that the transfer had been made.
While this is a security risk, it helped online marketplaces process instant EFT orders without waiting for the transfer to clear first.l
Click to expand...
This exactly.

There are all sorts of things that need to be done when authenticating passwords at the bank side (hashing, salting and a whole lot of other boring IT things) It seems these guys are somehow just logging in to your banking app and making a payment using a plain text password.

No thanks!
 
Interesting, I had no idea the company had "quiet layoffs". Had no idea Ozow was a "wild" place to work at, hahaha.

Someone put it best on a YouTube video I saw a few weeks back (in connection with the dangers of being loyal to a company): "These corporations are run by Republicans".

Nowadays, the only job security is financial security. A company will do what it sees fit for its bottomline - this might not always be a good decision (depending on who you ask), but nevertheless, its a decision the company can make. With the erosion of job stability and security, I do wonder what the future of the "9-to-5" will look like 10 to 15 years from now.
 
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