WARNING - EC Finance - Debit Fraud

adamr

adamr

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This month and last month an amount of R59.99 was debited to my account from EC Finance (SMS alert from FNB). I did request FNB last month to reverse the debit as i had no knowledge of it ... and they told me to do it myself. I got busy and this month noticed it again and did exactly that ... reversed the debit. I dug deeper and found these criminals have been debiting my account for the past 6 months! ...

and in those previous four months FNB sent me no notification what so ever

1. I have never contacted or ever dealt with a company called EC Finance.
2. It R360 in total. Dont care much about the figure and just want these scum criminally charged
3. FNB ... where were your sms notifications the other 4 months (amount too small???)
4. How was this debit authorised without my consent!?

Just a warning to other people ... check your statements.
Now if they doing this to 1000s of people imagine the amount of fraud that this company is doing!
 
Debit order does not technically need your authorisation.
 
adamr said:
Please enlighten me how
Click to expand...

They don't, the payments system is not designed that the bank requires a company to show that they have verbal or written authorisation before running a debit order. Its up to the bank client to dispute that, the authorisation can then be requested.

This system will start dying out in October I think when some type of debit orders will need to be authenticated by the banks customer before they are processed. Eventually all new debit orders will be done like that.
 
Last edited:
supersunbird said:
They don't the payments system is not designed that the bank requires a company to show that they have verbal authorisation before running a debit order. Its up to the bank client to dispute that, the authorisation can then be requested.

This system will start dying out in October I think when some type of debit orders will need to be authenticated buy the banks customer before they are processed. Eventually all new debit orders will be done like that.
Click to expand...

Sheesh...and I guess because of the amount being so small it was never sent as a notification. Although recently fnb decided to notify me of this debit. Wonder what changed
 
Banks don't need to see the authorization of debit until you query it. All these guys need is your account number (not even your name, branch number) and an amount.
 
You know what f*@ks me off the most about this. Have you ever tried to reverse a debit order or eft done? Its near f@*king impossible. Its your money and their system that sends it out but they can't just reverse the transaction. I once in a very hung over state paid telkom R8k instead of R800 (yeah my own stupidity I know) but the bank that I pay money too , to look after my money basically flipped me the bird and said its my problem to get it back wtf? Anyway waited a week and half to get my cash back. I just think its bull**** they can take your money so easy without you being able to say f@*k you give it back as easily.
 
baltazhar said:
I once in a very hung over state paid telkom R8k instead of R800 (yeah my own stupidity I know) but the bank that I pay money too , to look after my money basically flipped me the bird and said its my problem to get it back wtf? Anyway waited a week and half to get my cash back. I just think its bull**** they can take your money so easy without you being able to say f@*k you give it back as easily.
Click to expand...

Seriously. You paid telkom too much and now suddenly it is your bank's fault? No man. That is not how things work in the real life. You instructed your bank to make the payment in the first place. EFT payments are not reversible unless consent is obtained from the party that received the payment. An EFT payment is like handing over cash to someone else - you cannot turn around and demand the cash back. Possession is nine-tenths of the law.
 
ld13 said:
Seriously. You paid telkom too much and now suddenly it is your bank's fault? No man. That is not how things work in the real life. You instructed your bank to make the payment in the first place. EFT payments are not reversible unless consent is obtained from the party that received the payment. An EFT payment is like handing over cash to someone else - you cannot turn around and demand the cash back. Possession is nine-tenths of the law.
Click to expand...
Im not blaiming the bank Im just saying how difficult the process of getting my money back was bull****. I couldnt even stop the payment although I contacted them straight away with the issue. Now what about scamsters what if you can prove you were scammed and instantly reverse the transaction wouldn't it benefit us?
 
baltazhar said:
Im not blaiming the bank Im just saying how difficult the process of getting my money back was bull****. I couldnt even stop the payment although I contacted them straight away with the issue. Now what about scamsters what if you can prove you were scammed and instantly reverse the transaction wouldn't it benefit us?
Click to expand...

No, again this is not how it works...

The bank acted under your instruction to transfer the R8k. It becomes your problem to retrieve the money from the person who you transferred the money to.
 
Yeah for eft it's an instruction you gave... That process works and I agree the way it works. For me (and back on topic) is this debit order process which is scary... That anyone with just my account number can instruct a bank to debit me. And I'd have to go through the pain of disputing it. I think by right a bank should notify of every debit order that happens off my account regardless of amount...

These EC Finance scum... Criminals... I wonder how much money they have stolen with this cheap and lowly tactic
 
ToxicBunny said:
No, again this is not how it works...

The bank acted under your instruction to transfer the R8k. It becomes your problem to retrieve the money from the person who you transferred the money to.
Click to expand...
Ok but then on a debit order with no instruction they can just reverse it?
 
http://www.itweb.co.za/index.php?option=com_content&view=article&id=153467

FNB customers will now be notified via SMS every time a new debit order is raised on their accounts, regardless of amount, and if they believe it to be unauthorised, have the ability to dispute and reverse by replying to the message or logging onto one of FNB's digital platforms.
Click to expand...

Maybe that's why you got the notification SMS this time. And they say it should be painless to dispute.
 
baltazhar said:
Im not blaiming the bank Im just saying how difficult the process of getting my money back was bull****. I couldnt even stop the payment although I contacted them straight away with the issue. Now what about scamsters what if you can prove you were scammed and instantly reverse the transaction wouldn't it benefit us?
Click to expand...

Or when you do an EFT in front of someone, take the goods, then call the bank to tell them you made a mistake and want the money back?
The bank should not be able to just reverse an EFT on request.
 
adamr said:
This month and last month an amount of R59.99 was debited to my account from EC Finance (SMS alert from FNB). I did request FNB last month to reverse the debit as i had no knowledge of it ... and they told me to do it myself. I got busy and this month noticed it again and did exactly that ... reversed the debit. I dug deeper and found these criminals have been debiting my account for the past 6 months! ...

and in those previous four months FNB sent me no notification what so ever

1. I have never contacted or ever dealt with a company called EC Finance.
2. It R360 in total. Dont care much about the figure and just want these scum criminally charged
3. FNB ... where were your sms notifications the other 4 months (amount too small???)
4. How was this debit authorised without my consent!?

Just a warning to other people ... check your statements.
Now if they doing this to 1000s of people imagine the amount of fraud that this company is doing!
Click to expand...

How did you end up reversing it yourself though?
 
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