Bank Account Verification
Mitigate financial and reputation risk associated with fraud, use DocFox’s instant bank account verification service:
Real-time, instant verification of a South African bank account for all real-time participant banks.
Simply input the provided client banking details to get an instant verification of clients South African banking details, for both natural persons and juristic entities.
The DocFox bank Account validation capability as a value added service addresses the prevalent business E-mail compromise or the change of banking details scam that has plagued the Financial services industry with a particular target on Conveyancers, Real estate agents and Wealth managers.
This type of fraud happens when fraudsters hack into an e-mail account with the intention to intercept e-mails sent to a payer in a bid to change invoices or payment details to redirect a payment to the fraudsters’ account. This strains business relations as neither legitimate parties feels they are responsible for the fraud.
As a business you can pre-empt this type of fraud by telephonically verifying any e-mail notification of a change of details or by simply making use of the DocFox Account instant verification capability.
Bank account verification isn’t enforced by FICA, but it is prudent to ensure that the bank account you are paying money to, or collecting from, is correct and valid.
Using DocFox you can quickly determine if your clients bank account is valid, active and/or has been open for longer than 3 months.
DocFox further protects your business by letting you know whether or not the bank account accepts credits and debits.
This enhanced check will enable you to match on the account number, the identity number / company registration number, the surname / company name, and the account type – giving you complete peace of mind that money is being paid into the correct account.