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Investigation into illegal debit order

Date: Jun 4, 2019

Illegal debit order scams involving the country’s major commercial banks under extensive investigation.

An extensive investigation into illegal debit order scams involving the country’s major commercial banks has revealed the existence of organised crime syndicates seemingly operating on a massive scale. The investigation spans a number of financial sector regulators, including the Financial Sector Conduct Authority (FSCA), the South African Reserve Bank (SARB), Payment Association of South Africa (PASA), the Financial Intelligence Centre (FIC), and the South African Revenue Service (SARS). The banks have handed over information to the regulators and the Hawks. On #SAfmSunrise with Steven Grootes who spoke to Walter Volker the CEO of Payments Association of South Africa (PASA)

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