Toll gate fraud: Nedbank joins other banks in banning some debit card transactions.

Loading player...
GUEST - Loyiso Boyce – MD of Clyrofor

Swiping bank cards at toll gates is being phased out due to fraud, while a major toll road operator has also banned all debit card payments. On Monday, Nedbank confirmed its debit cards have been barred from offline swipe transactions at toll gates, which it said would help protect clients against fraudulent activity. Swipe card transactions are more dangerous than tap payments.

Illegal devices can be installed inside point-of-sale terminals that capture information from a card's magnetic strip. Debit cards also allow for offline transactions, with transaction billing taking place later. But with offline transactions, there is no real-time verification and authorisation, which is exploited by fraudsters.
23 Jan 1PM English South Africa Business News · Investing

Other recent episodes

Mining Indaba: South African Airways at the Forefront of Mining Connectivity

GUEST: Chantal Seraho - SAA Country Manager: DRC SAA stands uniquely positioned to be the airline, strategically connecting key mining hubs across the continent and beyond. An airline at the southern tip of Africa capable of seamlessly flying investors from Australia to Southern Africa, West Africa, and East Africa. Our…
6 Feb 3PM 5 min

EKASINOMICS – How Luno became South Africa’s leading cryptocurrency app?

GUEST – Christo de Wit, Luno’s SA country manager. We take a closer look at Luno’s incredible rise—from a bold startup to becoming South Africa’s leading crypto company. We reflect on the challenges, breakthroughs, and market shifts that shaped its journey in the ever-evolving world of digital assets. What did…
5 Feb 4PM 25 min

BASA Transformation report: SA banks seek new scorecard on apartheid-redress plans

GUEST – Bongiwe Kunene – Managing Director of Banking Association SA A South African banking-lobby group wants the government to complete a review of a charter created to address inequalities brought about by apartheid to ensure it gives an accurate gauge of lenders’ performance. The government began the review of…
5 Feb 3PM 16 min