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