Online banking fraud is really difficult in South Africa because of the stringent regulations that are put in place for Internet banking. Many banks require that you visit the branch before you can set it up to ensure that you have the maximum security online. In addition, banks like FNB, Nedbank, Standard Bank and ABSA encourage users to assign themselves a safe pin and login profile. They warn their users frequently about phishing and email scams to ensure that even the average Internet user is in the know.
Of course, there are people who still try to use online banking fraud as a way to earn money despite enhanced bank security. In fact, ABSA, FNB, Nedbank and Standard Bank repeatedly warn customers not to give out their login details or password on email. Many email scams claim to be from your bank and ask you to reset your password. When you do so, you are actually just resetting the password to one that the people committing fraud can use. Never reset your password when prompted unnecessarily, unless you have asked for a new password, you shouldn’t be sent one. The search for users’ login information is called phishing and is an extremely lucrative type of fraud. Keep your secret information to yourself.
If you have never used online banking before and are concerned about fraud and theft you need not be. The security measures that are in place are perfectly fine to keep your information and money safe. Remember that the safest place to do your banking from is on a secured Internet line. Never do your banking from a public location and never give out your password information in an email. Banks will never ask you for those details so if they do it is one of the many email scams. Keep safe and you’ll avoid online banking fraud.
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