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Five golden rules for newbies to online banking

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In a matter of days recently, dozens of bank branches and hundreds of Automated Telle Machine (ATMs) have been damaged and closed around South Africa forcing many people to move their banking online.

Many of these people are however not familiar with digital banking protocols and may be caught unawares by fraudsters seeking to take advantage of their inexperience.

Piet Swanepoel, Chief Risk Officer at African Bank says cyber criminals are always a threat and now more than ever.

Although, Swanepoel’s message might be intended for South Africans, however, the lessons are relevant to bank customers across Africa and beyond.

He provides consumers with the following five golden rules:

  • If you are registered for and using online banking and/or a banking app, keep your online banking profile safe. Your banking profile is your banking username, PIN and password. Never share these with anyone.
  • Set digital banking limits. This is a daily payment limit for any transactions from your account. The smaller, the better!
  • Set up SMS notifications so that you receive SMS alerts for any transactions from your account which are greater than R100.
  • If your banking details have been compromised, you should change your PIN and password immediately.
  • If you have forgotten your banking login details (username, password, PIN) you can reset these on your online banking profile.

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