The only thing worse than having to deal with unauthorised debit orders on your bank account is being charged hefty fees by your bank to stop fraudsters from stealing your money. FNB announced last week that it will waive the fee for stopping unauthorised debit orders when clients do so through its electronic banking channels. Ryan Prozesky, CEO of consumer core banking at FNB, says the bank is doing this to combat "the scourge of rogue debit orders impacting the industry and FNB customers". Although the fee waived was only R5, Prozesky says the bank can no longer allow its customers to "bear the brunt" of debit order fraud. FNB is also monitoring businesses that are processing illegal debit orders on its clients' accounts and reporting them to the Payments Association of South Africa. The bank will eventually discontinue services to such businesses. Due to the increasing volume of complaints related to unauthorised debit orders, the ombudsman for banking services said this week tha...

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