Capitec Bank *****

I am lodging a complain regarding a highly concerning incident involving Capitec Bank’s security controls, which resulted in a *****ulent payment and unauthorised debit transaction from my account. Date of first transaction 28 March 2025 Amount: R20 000 Recipient Bank Capitec Purpose: Payment of a vehicle (which turned out to be a ****)

Approximately two hours later, a suspicious and unauthorised debit transaction of R25 000 was processed from my Capitec account to a Standard Bank account without my authorisation. While I acknowledge that the R20 000 paying was willingly made – though unfortunately to a ****mer, the R25 000 transaction raises serious questions about Capitec’s security controls and ***** prevention mechanisms.

• How is it possible that such a large transaction could be debited without any verification? • What security measures does Capitec have in place to detect suspicious transactions, especially when two large amounts are processed in such a short time frame? • If this was an authorised transaction, how does Capitec justify its failure to prevent debits from customer accounts? On Saturday, 29 March 2025, I visited Middelburg Capitec branch for assistance. A Capitec representative (name unknown) confirmed that the R20 000 transaction had not yet been withdrawn by the recipient, and I will be refunded. She could not clarify on the unauthorized R25 000 debit. I was advised to approach Standard bank, only to be told that Capitec must handle the issue resulting in back-and-forth delays and no resolution.