Absa
Major Security Loophole and ABSA will blame you

At the beginning of March my card was cloned at Pick 'n Pay Montana.
In the next 2 days there were several transactions by the person who cloned the card amounting to over R1000.
I first became aware of the transactions was when ABSA sent me an SMS saying that my account was overdrawn & that I needed to come in immediately or I would face overdraft fees. I immediately contacted ABSA, cancelled the card and reported the. A question remains as to why this was the only sms notification received and then only several days after the transactions.
On speaking to a consultant at my local branch, she said the matter would be investigated and the money refunded. Later in March I received a letter from ABSA (REF: 226 6437), stating that the card required a pin for the to take place, so I wouldn't be refunded.
Questions:
1. The account did not have sufficient funds in it, ABSA has yet to explain how an account with no overdraft facility and where previous transactions that would deplete the account have been declined, now allowed more than R1000 to be overdrawn
2. Although the card is a "chip & pin" it still has a magnetic strip allowing it to be swiped sans PIN

Company: Absa
Country: South Africa
City: Durban

  <     >