Nasfund tightens payment system

Business

Nasfund has tightened its payment systems and processes since July, chief officer member service Charlie Gilichibi says.
This has seen a slowdown in members withdrawing funds under false pretence.
Gilichibi told the media in Port Moresby yesterday that this was done by carefully checking membership details.
He said that previously, when members lodged their documents, details were reviewed based on face value.
“They should be reconciling the name on the pay slip and the bank statement, the bank account number on the pay slip and on the bank statement, and the account number to the application form,” Gilichibi said.
“If it’s a fraudster, they will get things wrong.
“They might misspell a name.
“That should already start to make you think.
“That’s the next level of how Nasfund has really dug down into details to make sure that we stop fraudsters, to stop members withdrawing under false pretence.”
Gilichibi said Nasfund officers now checked things in detail.
“We’re not only looking at the face value of the documents we receive,” he said.
“Our officers are now going down and questioning every detail on those documents and reconciling those information amongst other documents as well.
“For instance, member signature.
“Member signature might be on the identification card.
“The member already has the ID on the application form.
“On our system, when members complete their bio-data update form, they already have a signature specimen there as well.
“We check the specimen on the system, check on the ID card provided and also on the application form.
“Previously, it was based on face value.
“Our officers got the forms and came straight to the head office. That was a different level of thinking.”
Gilichibi said there were a lot of members withdrawing funds under false pretence in the past.