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 Offshore investing 101 – how much should you invest?

Offshore investing has significant financial advantages. We explore how to invest offshore and what it takes to secure great portfolio performance.

When should you invest rather than save?

Extra cash left at the end of the month? We have a look at the differences between saving and investing, and we find out how you should decide which one to pursue.

Investing for your retirement – which product to use?

Retirement annuities (RAs) and tax-free savings accounts (TFSAs) - which is better when planning for your retirement?

3 Reasons for early entry to a retirement village

Your parents may envision their golden years on the porch of your childhood home. However, it’s good to look at the benefits of joining a retirement village.


Latest Guide

Guide to debt rehabilitation solutions