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How Corporate Collect prevents debit order scams and fraud

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Apr, 29
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How Corporate Collect prevents debit order scams and fraud

Numerous customers of South African banks have fallen victim to debit order scams and fraud. However, Corporate Collect customers will be glad to know that the company has various measures in place to prevent debit order scams and fraud.

Latest debit order scam

First National Bank notified customers earlier this year of a new debit order scam by Procall and Mzansi. According to the bank, customers did not provide a mandate for debit orders deducted from their accounts by Procall and Mzansi. An investigation was launched as it was found that the debit orders were unauthorized. The debit orders have been reversed as well as associated charges. Once the investigation is concluded, FNB will pursue criminal charges against the two companies.

Read the full story here.

Currently, FNB customers can stop and dispute/reverse such unauthorized debit orders up to R200 themselves via the FNB App.

How Corporate Collect prevents debit order scams and fraud

Protecting customers is crucial to Corporate Collect. This means going the extra mile to protect customers from possible debit order scams and fraud. Corporate Collect takes great care by following due processes to ensure customers peace of mind.

When signing on to the Corporate Collect platform, every application goes through a strict and rigorous vetting process. Every application is sent to the sponsoring bank, for example ABSA for approval.

This is followed by checking with the Payments Association of South Africa (PASA) and the Payment System Stakeholder Forum (PSSF) for blacklisted customers who are directly linked to debit order fraud.  We also request statistics from any other debit order companies that previously serviced the applicant, if applicable.

Should a company decide to move their business from another debit order company to Corporate Collect, a sample mandate is requested. This will show if the customer has a good debit order history. Clients of the company will also be contacted to ensure the company is legit and honorable, whilst at the same time verifies the supplied mandate. To take the vetting process a step further, a voice mandate is also required.

Nothing is left to chance at Corporate Collect!

Corporate Collect is serious about providing customers with outstanding service and products that add value to their business. With that being said, why not check out Corporate Collect’s nifty feature that allows you to check up on who has debit orders running against you? You can even put a stop in. We are the only debit order company that provides customers with such added value services.

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