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online banking

Rise in data breaches

– Affects banking safety

On Monday it was World Data Privacy Day – a day which aimed to highlight that millions of people worldwide are unaware of how their personal information is being used, collected or shared in an increasingly digital society.

ABSA bank mentioned in a FIN24 article that banking fraud is on the rise globally, with criminals using personal data from breaches to impersonate banks and trick customers into granting them access to their account.

“In South Africa, digital banking fraud cases increased by 64% over the past year; these impact the entire financial services industry,” Absa said in a statement on Monday.

Absa’s Head of Fraud Strategy, Ulrich Janse Van Rensburg, offered these safety tips:

  • don’t use public WIFI when banking;
  • check that the bank’s website browser begins with https;
  • create complicated passwords that are not easy to decipher, and change them often;
  • type in the URL (uniform resource locator) for your bank if you need to access the webpage.

Click here to access the FIN24 article.


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