Financial Watchdog Proposes How Should FinTechs Handle Your Data

The Financial Sector Conduct Authority (FSCA) has published new research proposing how should FinTechs handle non-traditional (alternative) data on the provision of financial services...

Latest Posts

Billions Are Wasted On Failed Digital Transformation Projects

by Mark Kayser Digital transformation is no longer an option, it's a must for everyone organisation that wants to stay relevant and compete in an...

Virtual Summit Sees Potential To Increase Trade Between India and Africa

by Moses Mudzwiti Technology has enabled the continuation of efforts to increase trade and tourism between India and Africa. Undeterred by the novel coronavirus pandemic that...

SASSA Confirms COVID-19 Grant Appeal Cut-off Dates

The COVID-19 grant will only be paid until the end of January 2021. SASSA has determined a cut-off date for lodging appeals in respect...

Avon Justine Brings Cheer To The Children at the Nelson Mandela Children’s Hospital

Christmas is a time of joyfulness and of time spent with family. Avon Justine has stepped in to make sure that it would be...

Millions of South Africans still prefer over-the-counter banking

Kaspersky Lab: Almost half of Internet Users in South Africa still Think Visiting Their Branch is Safer than Online Banking

 By Staff Writer

 

Almost half (43%) of Internet users  in South Africa believe traditional over-the-counter banking is safer than banking online, according to a survey carried out by Kaspersky Lab and B2B International.

Despite these fears most people still make some payments online but many fail to take even basic security measures, putting their money and banks’ reputations at risk.

One of the easiest ways for criminals to access online bank accounts is to pose as the account owner. This can be done by getting information about the account, setting up a phishing page where users unwittingly hand over their usernames and passwords, or by intercepting username and password data with a banking Trojan when users log on to their bank’s legitimate pages. Traditional computers and mobile devices are both vulnerable to these attacks.

The survey shows that a significant number of users (64%) feel vulnerable when making financial transactions online. Moreover, just less than half (49%) reported they believe making payments offline is more reliable than online and 43% agreed that offline banking is the safer than online banking.

However, in spite of these fears, the majority of Internet users make online payments: 74% of those surveyed use their desktops or laptops for online payments, 22% locally use their tablets, 32% use their smartphones, and 14% of Smart-TV owners admitted using their Smart-TV for such operations. At the same time, according to the survey, 15% of users do nothing to protect their financial data online.

If customers choose traditional over-the-counter banking, from fear of falling victim to Internet fraud, it will hamper the adoption of high-margin online and mobile payment systems. This will force banks to invest more of their resources in low margin branches instead,” said Ross Hogan, Global Head of the Fraud Prevention Division at Kaspersky Lab.

“Meanwhile, among those who have adopted online and mobile payments, there is a persistent security concern as they may be putting their money – and the bank’s reputation – at unnecessary risk. That is why today it is vital that banks invest in technology ensuring a secure banking environment for their customers. This approach will not only reassure customers who prefer in-branch banking that online and mobile banking is secure, it will also reduce the risk for careless customers, who might otherwise lose important financial data.”

Latest Posts

Billions Are Wasted On Failed Digital Transformation Projects

by Mark Kayser Digital transformation is no longer an option, it's a must for everyone organisation that wants to stay relevant and compete in an...

Virtual Summit Sees Potential To Increase Trade Between India and Africa

by Moses Mudzwiti Technology has enabled the continuation of efforts to increase trade and tourism between India and Africa. Undeterred by the novel coronavirus pandemic that...

SASSA Confirms COVID-19 Grant Appeal Cut-off Dates

The COVID-19 grant will only be paid until the end of January 2021. SASSA has determined a cut-off date for lodging appeals in respect...

Avon Justine Brings Cheer To The Children at the Nelson Mandela Children’s Hospital

Christmas is a time of joyfulness and of time spent with family. Avon Justine has stepped in to make sure that it would be...

Don't Miss

Discovery CHRO Tswelo Kodisang is the 2020 CHRO Of The Year

The second annual CHRO Awards celebrated the best and brightest of SA’s HR leaders and the overall winner was Discovery's Tswelo Kodisang. Kodisang, Discovery...

Etion’s Outgoing CEO Teddy Daka Appointed Chairman

The outgoing boss of Etion, Teddy Daka, has been appointed as the non-executive chairman of the struggling JSE-listed company. The appointment is effective from 1...

NSFAS Laptops to be Handed Out in 2021

National Student Financial Aid Scheme (NSFAS) students will now only receive their laptops next year owing to the delays in the tendering process. Higher Education,...

Vodacom Launches Free App To Fight Gender Based Violence

The Vodacom Foundation has announced the launch of a free application designed to aid in the fight against Gender Based Violence (GBV).  As South...

Liquid Telecom Connects Botswana To Its One Africa Broadband Network

Pan-African telecoms group Liquid Telecom is activating 82 km of fibre in a cross-border network into Botswana. This implementation gives more people in Botswana...
[tdn_block_newsletter_subscribe title_text=”Stay in touch” description=”VG8gYmUgdXBkYXRlZCB3aXRoIGFsbCB0aGUgbGF0ZXN0IG5ld3MsIG9mZmVycyBhbmQgc3BlY2lhbCBhbm5vdW5jZW1lbnRzLg==” input_placeholder=”Email address” tds_newsletter2-image=”5″ tds_newsletter2-image_bg_color=”#c3ecff” tds_newsletter3-input_bar_display=”row” tds_newsletter4-image=”6″ tds_newsletter4-image_bg_color=”#fffbcf” tds_newsletter4-btn_bg_color=”#f3b700″ tds_newsletter4-check_accent=”#f3b700″ tds_newsletter5-tdicon=”tdc-font-fa tdc-font-fa-envelope-o” tds_newsletter5-btn_bg_color=”#000000″ tds_newsletter5-btn_bg_color_hover=”#4db2ec” tds_newsletter5-check_accent=”#000000″ tds_newsletter6-input_bar_display=”row” tds_newsletter6-btn_bg_color=”#da1414″ tds_newsletter6-check_accent=”#da1414″ tds_newsletter7-image=”7″ tds_newsletter7-btn_bg_color=”#1c69ad” tds_newsletter7-check_accent=”#1c69ad” tds_newsletter7-f_title_font_size=”20″ tds_newsletter7-f_title_font_line_height=”28px” tds_newsletter8-input_bar_display=”row” tds_newsletter8-btn_bg_color=”#00649e” tds_newsletter8-btn_bg_color_hover=”#21709e” tds_newsletter8-check_accent=”#00649e” embedded_form_code=”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” descr_space=”eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjE1In0=” tds_newsletter=”tds_newsletter3″ tds_newsletter3-all_border_width=”0″ btn_text=”Sign up” tds_newsletter3-btn_bg_color=”#ea1717″ tds_newsletter3-btn_bg_color_hover=”#000000″ tds_newsletter3-btn_border_size=”0″ tdc_css=”eyJhbGwiOnsibWFyZ2luLWJvdHRvbSI6IjAiLCJiYWNrZ3JvdW5kLWNvbG9yIjoiI2E3ZTBlNSIsImRpc3BsYXkiOiIifSwicG9ydHJhaXQiOnsiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdF9tYXhfd2lkdGgiOjEwMTgsInBvcnRyYWl0X21pbl93aWR0aCI6NzY4fQ==” tds_newsletter3-input_border_size=”0″ tds_newsletter3-f_title_font_family=”445″ tds_newsletter3-f_title_font_transform=”uppercase” tds_newsletter3-f_descr_font_family=”394″ tds_newsletter3-f_descr_font_size=”eyJhbGwiOiIxMiIsInBvcnRyYWl0IjoiMTEifQ==” tds_newsletter3-f_descr_font_line_height=”eyJhbGwiOiIxLjYiLCJwb3J0cmFpdCI6IjEuNCJ9″ tds_newsletter3-title_color=”#000000″ tds_newsletter3-description_color=”#000000″ tds_newsletter3-f_title_font_weight=”600″ tds_newsletter3-f_title_font_size=”eyJhbGwiOiIyMCIsImxhbmRzY2FwZSI6IjE4IiwicG9ydHJhaXQiOiIxNiJ9″ tds_newsletter3-f_input_font_family=”394″ tds_newsletter3-f_btn_font_family=”” tds_newsletter3-f_btn_font_transform=”uppercase” tds_newsletter3-f_title_font_line_height=”1″ title_space=”eyJsYW5kc2NhcGUiOiIxMCJ9″]