How Safe Is Our Money With Capitec Bank

I had the worst experience with Capitec bank, agents sending me from pillar to post and giving me contradicting information. If I could I would rate them -5 stars.

I recently lost my card and on Sunday the 27th February 2022 an online transaction went off my account. I stopped the card and proceeded to call the customer call centre. I got through to an agent and I explained what happened, the agent took my details and we went through the normal security checks. The check was successful and the agent proceed to go through the transaction I was disputing. The agent confirmed what I already knew, the transaction was an online payment. I asked the agent how the the transaction went through as I had not received an OTP to finalize the transaction. The agent advised that she wasn't sure how the online transaction went through without an OTP as that was the process. The agent further advised that the matter will be escalated to the relevant depart for further investigation and an agent will get in contact with me within 7 working days as that was the standard turn around time. I inquired about any fees associated with trying to re-call/reverse the transaction, the agent confirmed that no fees were applicable. I ended the call content that I will get feedback within a week. Friday the 4th of March 2022 I receive a call from an agent from the bank, we go through the normal security checks and he gains access to my account. According to him he has done the investigation and is calling to give me feedback. However he proceeds to ask me the same question I had previously answered regarding the transaction I was disputing. Firstly he didn't know that it was an online transaction but he has done the investigation, I explain to him that it was an online transaction. I ask him how the online transaction went through without my OTP and he also confirms that he is not sure as online transactions cannot go through without the OTP. He then advises me that my matter was escalated to the wrong department and I should call the cards disputes department for immediate assistance and gives me the number. I proceed to call the number the agent gave me and I get a female agent that advises that there is no direct line to the cards disputes department. The agent asks for the dispute reference number and we follow the same security authentication process. She looks into the transaction and advise that because it was an online transaction there is a call back fee of R80 that I will be liable for. At this point I am getting agitated as I am now getting contradicting information from the same bank. I eventually agree to this fee as I would like my money back. I ask the agent how the online transaction went through without an OTP, the agent then tells me that for international online payments an OTP isn't required and that an OTP is mainly for local transactions. At this stage I am appalled by the lack of security for online transactions. I ask the agent how secure our money is with the bank, the answer I got nearly made me fall of my chair. According to the agent I am responsible for the security of my money that the banks holds, with the logic that if I lose my card and fail to stop the card I am negligent. I explain to the agent that I would take responsibility if the transaction had been made with the card via tap and pay or using the card and pin at a physical store. I cannot assume responsibility for a lack of a security feature on the E.2 payment facility as I was previously advised that online transactions require an OTP. The agent advised that she has escalated the matter to the cards disputes department and it may take anything from 7-14 working days or more depending on the investigation. I pointed out that I had reported the matter at the beginning of the week and I should not have to carry the burden of her colleague escalating my matter to the incorrect department and that I would like the matter to be expedited. The answer was not favorable. We continued this back and forth with the agent until the end of the call as the agent was steed fast in wanting me to assume all responsibility for the incident and absolve the institution that I had untrusted my money with of any accountability. I left her with this question " How safe is our money with Capitec" and according to her it is very safe yet here I am a victim of their lack of security.