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[SCAM WARNING] Don’t make 'instant' EFT payments when shopping online

27 November 2020 11:51 AM

The South African Reserve Bank and the Financial Sector Conduct Authority warns consumers against making instant EFT payments.

Do not make “instant” electronic funds transfer (EFT) payments when shopping online.

On Thursday, the South African Reserve Bank (Sarb) and the Financial Sector Conduct Authority (FSCA) warned consumers against making instant EFT payments.

© doucefleur/123rf.com

Instant EFT payments use “screen scraping”, giving a third-party access to bank account information, which is against banks’ terms and conditions.

For more detail, read “Online shoppers warned against making instant EFT payments” (Moneyweb).


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27 November 2020 11:51 AM