Banking ombud on fraud trends (and how 'tap-and-go' contactless cards work)
Consumer journalist Wendy Knowler has helped shed light on banking fraud and common trends in South Africa.
Many concerns have been raised about the security of contactless bank cards, which are identified by a wireless symbol on its surface.
The card is lightly applied to a contactless Point Of Sale (POS) terminal and the payment is processed without needing a pin code or needing a signature.
This is enabled by secure EMV chip technology wirelessly, Knowler explains.
For most major South African banks, the “tap” only works for purchases up to R500. Users must key in their bank pin for any amount above that.
Knowler says banking sms notification also create an added security layer for the low-value transactions.
Meanwhile, the banking Ombudsman says fraudsters don't appear to be targeting the tap-and-go cards.
The banking Ombudsman released its annual report, revealing the South African trends in banking-related consumer complaints and fraud.
Take a listen to the insightful discussion:
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