FNB customers will now be notified via SMS every time a new debit order is raised on their accounts.
If they believe it to be unauthorised, customers have the ability to dispute and reverse debits by replying to the message or logging onto one of FNB’s digital platforms.
“Our new system means that customers will now have complete transparency and control of their accounts as any new debit order will trigger an alert,” said FNB.
Currently, banks are able to reverse debit orders immediately and refund the customers if the debit order is disputed within a 40-day period.
However, if a debit order is disputed post 40 days, the bank is required to request a mandate from the service provider. This adds another 40 days before a reversal is possible.
FNB has also introduced functionality on its Online, FNB App, and cellphone banking platforms that allows customers to view which debit orders are on their account.
Customers can also stop, dispute, and reverse any they believe are unauthorised.
FNB’s proactive fraudulent debit order warning system is still in place, which alerts customers to potential suspicious debit orders that are running.