Unauthorized Debit Orders

[SydneyMulweri]

What is it that the Banks are doing regarding the R99.99 Debit orders that people are reversing every month?

 

[supersunbird]

What is it that the Banks are doing regarding the R99.99 Debit orders that people are reversing every month?

http://www.fin24.com/Tech/Opinion/are-authenticated-collections-reinventing-the-debit-order-20170509

The South African Reserve Bank is now set to replace early debit orders with authenticated collections.

The new system has been designed to disallow debit orders that have not been electronically authenticated by the consumer, which will benefit banks, merchants and the consumer.

The new system will see a payer receiving an alert to an early debit order request, and they will get the opportunity to authorise it, either through their mobile phone or computer or through a card-based process at a bank, merchant or ATM.

Will be expanded to other other types of debit orders too, if I recall.

 

[SydneyMulweri]

Thank you very much