The South African Reserve Bank (SARB) and the Financial Sector Conduct Authority (FSCA), in consultation with the Payments Association of South Africa (PASA), would like to issue a warning to consumers to be aware of the risks associated with the use of instant electronic funds transfer (EFT) online payment services offered at e-commerce stores (i.e. stores which facilitate the purchase and sale of goods and/or services via the Internet).
What is an instant EFT?
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