A few months ago Brent discovered a transaction on one of his accounts that he definitely did not make.
This was reported, investigated and his account was suspended for a while and he had to go through the process of awaiting a new card and changing his banking Pins, etc
Now, we are still not exactly sure how this transaction was processed but I had wondered if it wasn’t the Tap and go feature on his bank card.
As a consumer, I’m still wary of this feature so I was interested to read a recent article where a consumer journalist, discussed the relevant questions regarding the tap and go facility offered by banks.
The Tap and go feature is offered by all banks, however only one of our South African banks does not allow you to turn off the feature.
Whilst incredibly convenient, as you do not need a signature or a Pin code if you Tap for an amount under R500, this feature is feared by many as an easy means for criminals to conduct fraudulent transactions.
However, the banking ombudsman has reported that fraud in connection to the tap and go feature is low, with as little as only 2 cases a month reported.
These banks offer tap and go options to their clients with the option to turn off the feature.
However FNB does not. The reason for this is because all FNB are contactless enabled and this is a core feature of their product, thus not allowing the tap and go facility to be disabled.
Should you wish to disable your tap and go facility, depending on your bank of choice, here is how to find where to do so.
Capitec– Inside the branch or on the Capitec banking App
ABSA – Inside the branch , on the APP or via the customer care contact centre.
Nedbank – Through the Money App or via online banking.
Standard bank – On the App
As banking features, payment Apps, virtual cards and device payments grow in popularity it is important that we as consumers stay educated to make the most informed decisions to protect our money.