CNA Explains: What causes GIRO errors and what you can do if it happens
The Consumers Association of Singapore received 10 complaints relating to unauthorised GIRO deductions from Jan 1 last year to Mar 16 this year.
SINGAPORE: To pay for their children’s student care, some parents set up GIRO arrangements with Little Professors Learning Centre, expecting routine monthly deductions of fees.
Instead, they got a rude shock. Some were charged the wrong amount in certain months – and charged twice in others.
One mother, who was supposed to pay S$30 (US$24) a month, was charged S$196.80 on three occasions and S$68 once. CNA
Hearing this kind of news I can only shake my head. What kind of software talents are we using to write such apps? I just came back from a short holiday and have been using Alipay, Wechat, Trips.com and also have been using Shopee for online shopping. Think of the hundreds of billions of transactions that these Chinese apps are handling daily! One mistake and the whole system will collapse, and no more trust in using them. Think of the complexities that these apps are managing, providing all kinds of services, not just one or two functions!
When one 'was supposed to pay S$30 (US$24) a month, was charged S$196.80 on three occasions and S$68 once', this is serious. This is not a mistake! This is more than a mistake. How can anyone trust such a system? 'Professor Sumit Agarwal of the National University of Singapore’s business school also said GIRO errors are rare.' “There are very small issues that happen, very few and far between, but systematic problems are very rare,” he said.
This is unacceptable. Financial system must have zero defect. Can you imagine what will the impact of such errors in Alipay, Wechat or Shopee? We just shrugged it off as normal, as rare, small issues that will happen? Are we supposed to live with such errors?
Why is Singapore, bragging about being a smart city, bragging about all the foreign talents or fake talents that were brought in, facing so many glitzes in the software being used by the banking and financial industries when the usage is just a trickle of what the Chinese software were handling?
Are we getting the best talents, the real stuff to work for us? Why not hire the best but go for fakes and 9th or 10th best, or rejects that cannot go to America or anywhere and have to land in Singapore?