Do you want to be in control of your debit orders?
Debit order abuse has been on the rise over the past few years, with an alarming increase in debit orders that are processed to bank accounts without permission from consumers. This is a concern not only for consumers and the banks in South Africa, but to the Reserve Bank. For this reason, they sought the assistance of PASA (Payments Association of South Africa), in finding a solution. All South African banks have collaborated with PASA to create DebiCheck.
The solution is DebiCheck; a new way for you as a consumer to electronically confirm your debit orders. This also means that your bank will now know the details of what you have agreed to and will not allow your DebiCheck to be processed outside the terms agreed to by you.
What does it mean for you?
It means that you may be introduced to a new additional process to electronically confirm your debit orders. Your bank will communicate how you can securely and electronically confirm your debit orders. You will therefore need to ensure that your bank has your updated cell phone number and that all your contact details with the bank are up to date. To watch a short video about DebiCheck and how it works click here
How will it work
For DebiCheck debit orders, you will receive a request from your bank to electronically confirm the debit order information relating to the new contract you have signed with a company. Once you confirm that the information is correct, you bank will load the information on a mandate register. Your bank can then verify the information every time before the debit order is processed to your account. If the information matches, the debit order is processed. If not, the debit order is rejected.
Be in the know
DebiCheck will be rolled out in a phased approach over the next two to three years. It is not an app, a service you can subscribe to, nor is it a replacement of your current debit orders - but a way to help you protect your money.
The DebiCheck website is equipped with a library of information to assist you on this journey so that you are always informed. The FAQ section provides all the guidance you may need to gain better understanding about DebiCheck. You can also follow the DebiCheck journey here.
Continue to be aware and cautious. Fraudsters know all the tricks, so in the event that you do get caught and believe your information has been compromised, change your internet banking credentials immediately and advise your bank immediately.
Read more: Are you being fraud savvy with your cards?