Even with saved beneficiaries, check the account details before paying

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When you pay a company by EFT, where do you get the banking details? If they’re saved in your banking app, that’s worth a second thought.

A Truworths account holder made debt repayments using saved beneficiary details, but the debt collectors had switched banks. Her money landed in a dormant trust account, and she spent months being chased despite having proof of every payment.

Before making any payment, phone the company on its published number to check their bank details. This also protects you from business email compromise fraud, where fraudsters replace a company’s banking details with their own.
11 Aug English South Africa Education · Self-Improvement

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