Guiding consumers since 2009

Payments processor leaks bank details

By Staff Writer

A card payments processor for online transactions experienced a security lapse, which resulted in the leakage of a number of bank card details said the Payments Association of South Africa today.


Walter Volker, CEO of PASA, said that fraud has been perpetrated: “All major banks have had cards compromised. The ones that have been reported on have had limited exposure.” He could not verify the number of people affected by fraud but added: “Card numbers affected have been in the hundreds of thousands while losses have been in the tens of thousands. We have no fixed data yet.”


Name of card processor withheld


Volker added that the card processor’s details had not been released to protect the organisation. He said the decision was made after the company acted swiftly to become compliant. “We are currently working with them and they are being very co-operative and the source of the problem has been stopped,” he said.


What to do if you’ve been a victim of fraud


PASA said it was also working with the banks and credit card schemes to implement immediate measures to block potential exposure of the card data.  “Should fraudulent transactions be perpetrated on any of these cards as a result of the data compromise, cardholders would not be exposed to any losses – as is the case under normal circumstances,” said PASA.


PASA advises consumers to contact their issuing institution directly and immediately if they have any concerns or suspicions of any transactions appearing on their card statements.

Recent Articles

Featured Times are tough, but keep your debt under control

While the whole world is going through a rough patch, you may also be feeling the pinch. With the country in crisis, it may be difficult to keep up with your debt instalments. However, abandoning your debt obligations is not the solution.

Debt Series Part 2: Interest rates - unpacked

In the second part of our Debt-ucate series we explore interest rates –from how to get a better rate to what influences it, and how this affects the cost of your debt.

Debt counselling – the two sides of the coin

Being overindebted doesn’t just put a strain on your personal finances; it also puts a strain on your state of mind. The best solution is to start the process of debt counselling so that you can escape the debt cycle. But what are the ups and downs of joining this debt relief programme?

Travel ban – how to claim for the loss incurred

As with the recent Covid-19 pandemic, governments sometimes issue travel bans to prevent people from travelling to other countries. This becomes even more complicated if you’ve already planned and paid for your trip. Your flights will be cancelled, and you may lose money from cancelled accommodation arrangements. How do you claim for the financial losses incurred due to a travel ban?

Deals

Get 30% back when you fill up with your Absa card

Price: Available on request
When: Daily
Where: Nationwide

Get 50% back in eBucks when you apply for an FNB home loan

Price: Available on request
When: Daily
Where: Nationwide

Get 50% off your online fees when you pay with Capitec card

Price: Available on request
When: Daily
Where: Online