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Each and every debit order, from a certain time, before it can come off, will be checked… We’re already starting with that…

Walter Volker, CEO - Payments Association of South Africa

We remove them, and blacklist them… We also investigate… and pursue criminal charges… It is only when we detect fraud. This is done on an individual basis…

Songezo Zibi, spokesperson - Absa

We’re trying to solve this problem systematically…

Dr Christoph Nieuwoudt, Chief Executive - FNB Consumer

Criminals are walloping South African banks and their clients with rogue debit order fraud.

Since 1 August 2018, banks are required to send confirmation requests to their customers before they may process new debit orders.

In January 2019, regulators granted financial institutions a yearlong extension to fully implement a system to combat rogue debit orders.

The Money Show’s Bruce Whitfield interviewed Songezo Zibi (Absa spokesperson), Dr Christoph Nieuwoudt (Chief Executive at FNB Consumer) and Walter Volker (CEO at Payments Association of South Africa).

Listen to the interview in the audio below (and scroll down for more quotes from it).

About four or five years ago it really started biting…

Walter Volker, CEO - Payments Association of South Africa

I’m a victim of this myself!

Songezo Zibi, spokesperson - Absa

Their modus operandi has been evolving… it requires a concerted effort to stop this…

Dr Christoph Nieuwoudt, Chief Executive - FNB Consumer

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This article first appeared on 702 : Finally, there's a solution for the rogue debit order scams doing the rounds

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