ABSA Come Out Strong WIth Promises to Refund Debit Orders
As DebiCheck is about to come into effect, fraudsters who have been making use of illegal and sneaky debit orders have been stepping up their efforts to abuse debit orders as much as possible now. In the near future, DebiCheck will make it harder than ever to sneak smaller debit orders off your accounts each month without you realizing.
The sudden boom in small R99 debit orders has been in the news and the Payments Association of South Africa are pushing to have the situation dealt with.
Often crooks will try to issue smaller Debit orders which will not trigger a banking alert (at some banks) to the consumer.
ABSA is one of the banks that is promising to refund consumers who have been affected and investigate fully where these fraudulent debit orders are now discovered. They also will cut off business with firms identified in the investigations who are trying to issue lots of fraudulent or suspicious debit orders.
Many banking Apps also make it easier than ever to reverse debit orders or even credit card payments if services are not received. Consumers should, however, be very cautious not to reverse a payment for their debt review as this will effectively end the protection of the debt review and leave them exposed to new collections litigation from credit providers.