The system can prevent debit order abuse and fraud by enabling users to authenticate each transaction on their mobile phone before it is processed.
According to an article in Fin24, South African banks collectively process more than 56 million debit orders a month. Fin24 reported that about 800,000 debits are disputed every month. It is up to bank account holders to identify and reverse false debit orders with their bank, which is a stressful and time-consuming process for customers. During the course of 2017 and 2018, all banks in South Africa will require debit orders to be authorized by consumers before being processed by banks.
The Boloro Authentication System is a real-time solution, communicating with customers through special, secure messaging over the Mobile Operators SS7 connectivity. The system runs on Boloros patented, device agnostic, multifactor authentication and payment service platform.
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