FNB, Here is how you can help!!

FNB: How can we help? Here is how!!

As a premium banker with FNB for last 10+ years and having built business from scratch I was alarmed see a large debit going out of our business account with a gap of 28 days. [ Ref : Call to Business Banking  / 18th October 2013 Ref No: RM13101820974 / RY13101825446]

When I called FNB I was told, thank you very much for telling us that there is a problem. XYZ is the company debiting your account!! I tell the executive that I have not approved a debit with any such company & I request you to  “STOP this debit immediately and revert the money I have lost. Here is the answer I get from FNB executive. We will put a stop but we cant promise we can stop the payment if the different reference number is used or different amount is used. We can’t guarantee the payment will be reversed. And yes you will be charged R35 for some thing extra (I can’t recall for what) !! Insult to injury!!

In conclusion, to me, FNB is saying, dear customer, thanks for complaining about fraudulent activity on your account but we cant do anything about it.!! When I asked do you have a formal debit order signed by me approving this payment, the answer is a silence!! Is it not bank’s responsibility to see if the signed original debit order for the company drawing money exists before allowing the payment? Has the customer approved such a payment?  And if no, then can bank executives give these 1950 answers?

In this age of technology it’s simply about writing software program that helps one stop the debit the moment customer alerts bank of a suspected fraud on their account. Here are some of the possible solutions:

  1. Block the unique account number of company conducting questionable debits.
  2. Block the Name (and its 10 variations) from the system
  3. Every time a debit is put on an account allow customer to approve it via SMS/OTP?
  4. For customers who use online banking via OTP/SMS.
  5. Customers who don’t bank online via approve or disapprove SMS.
  6. Good old call?
  7. Rule being, unless customer gives approval & the same is recorded, no debits will pass.

Staying ahead in the market is not always about launching new products and distributing freebies, if the core of the service in this case protecting customer’s money is ignored via loopholes in the system.

Finally, on investigating on my own, I was told by company deducting money ( I walked into their offices as their number didn’t work!!) on my account that our insurance firm has changed the whole chain of underwriters, collectors and the debits now have been located to a new company. I am still to verify how these new firms could add a debit to my account when I have never signed any debits for them!! How the new names glided through electronic system without a red flag being raised!!

It’s not about the people who spoke to me on this call it’s about the process how it has been analyzed and programmed.

FNB you can help us by tightening your electronic system!!

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