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 How are you taxed on your retrenchment package?

Unemployment is one of the biggest problems in South Africa. The emergence of the Covid-19 pandemic has exacerbated the situation with a lot of companies retrenching their employees.  When retrenched, you’ll receive a retrenchment package, but do you know how much tax you’re liable for?

Car repossessed – don’t be taken for a ride

When the country is facing an economic downturn, chances are your finances will feel the pinch. This can lead you to make bad financial decisions such as skipping your vehicle payments. But every decision has consequences and if you don’t pay your instalment, the bank will repossess your car. But what can you do when this happens?

 

Why you should consider gap cover

Your medical aid should protect you from incurring large medical bills when you’re sick. But what if your plan doesn’t cover the full cost of your medical expenses? We got in touch with insurance experts to find out whether gap cover is worth having.

Debt relief - What is your bank offering?

Going through a financial crisis is stressful whether it be as a result of losing your job, being short-paid, having to fork out towards an emergency payment, or finding yourself in the midst of a global pandemic. This is especially taxing if you have a debt to service. It is against this backdrop that banks are increasingly offering payment holidays. Justmoney looks at the various debt relief options available to you from the big five banks.

Deals

Premier Hotel and Resorts Special For Senior Citizens

Price: Available on request
When: Daily
Where: Nationwide

The President hotel 10% discount for locals

Price: Available on request
When: Until 31 October 2020
Where: Cape Town

Get 40% off when you book your stay at Colosseum Hotel

Price: Available on request
When: Until 13 December
Where: Cape Town


Latest Guide

Guide to debt rehabilitation solutions