Standard Bank says it has no connection with Direct Access Finance, which uses the address. (Peter Daisley/Getty Images)
Standard Bank has issued a public warning against Direct Access Finance, accusing it of being a fraudulent organization that uses information to legitimize illegal activities.
Direct Access Finance claims to be based at the Standard Bank Center at 5 Symonds Street in downtown Johannesburg, where it claims to offer credit solutions to consumers.
However, Standard Bank said in a statement on Friday that this was incorrect.
Direct Access Finance appears to be a play on the name of FirstRand-owned DirectAccess, which offers personal and debt consolidation loans.
News24 tried to contact Direct Access Finance on two numbers listed on its website, but both went to voicemail. The company's website also lists a National Credit Regulatory Authority (NCR) registration number, which Standard Bank claims is fake.
Standard Bank said: “This website attempts to gain legitimacy by associating its physical address with a Standard Bank address and links to Blue Granite 2, one of Standard Bank's subsidiaries.” Ta.
“Direct Access Finance is not registered with the NCR and has no legal obligation to advise or provide financial credit.”
Standard Bank says it has no direct or indirect relationship with Direct Access Finance or its website and should not be confused with other legitimate financial services providers that may have closely related names. He appealed to consumers to do so.
The bank added that it has reported the matter to regulators and is seeking the removal of the so-called “illegal website.”
Standard Bank said: “We encourage the public to always ensure they are dealing with a registered financial services provider to avoid falling victim to this type of fraud.” “Lenders registered under the National Credit Act will never charge consumers an upfront fee to borrow money.”
However, Standard Bank and other lenders charge consumers origination fees when extending certain types of credit, for example overdrafts.
