I don’t understand how std bank requires me to track/stop a debit order I did not initiate and further investigate a company I don’t even know. The origin of the transaction is between the company and the bank yet it’s my responsibility🤷🏾♂️? A simple control is that each debit order transaction should have my authority whether electronically or signed form filed by the bank. It would make more sense to assume responsibility if someone forged my signature but if someone accessed my details and just instructed my bank to pay from my account and my bank actions this without any control check, there’s a serious control weakness there. Fact is is Most of us don’t know these companies or where they get such sensitive information. I’m also convinced that there can be an IT solution that can at least detect abnormal debit orders such abnormal date of order, common reference used in previous fraudulent orders etc. I’m also told other banks allow these queries to be raised via App, surely that is convenience.
... View more