The Standard Bank tech glitch leads to double debits and begs the question: How do we protect our money?

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If you’re a Standard bank client that was affected by the double transactions, you are probably livid. Which is understandable in today’s tech-rich society. We are so reliant on the banks to protect our money. We, therefore, take it for granted that the technology they employ is the best out there.

This week’s tech glitch at Standard Bank makes me wonder. Just how safe is our money and do we have cause for concern? We trust the bank to do the necessary, but we need to be aware of the dangers out there.

In a world of apps and digital banking, phishing and hacking have become commonplace. It begs the question, how do we protect our bank accounts?

  • Make it a habit to check your monthly statements! If you suspect something is amiss contact your bank’s fraud department immediately for support. 
  • We need to keep our bank cards safe and memorize our pin codes. Do not save it on your phone as it can be stolen and so too your cash.
  • Be careful with who you share your confidential information. It’s vital that you are aware of the different scams out there. If something sounds too good to be true, it probably is. And if you have won a competition you never entered, think twice. 
  • If you have to pay in money to receive a prize, be wary. And please do not confirm your personal or account details via a hyperlink, icon, or attachment in an email as it could be a trap.

Let us stay informed and updated with changes happening in the digital banking spaces to keep our affairs safe.

 

*These are the opinions of the writer and do not necessarily reflect the views of Vannie Kaap News.