Convenience is one of the reasons online banking is popular.

18/07/2019

Need your banking to keep up with your hectic schedule? Get an online bank account

As the world and especially developing countries such as ours, continues to benefit from widespread internet penetration, online banking continues to play an important part in the way people manage their money and conduct financial transactions.

Also referred to as e-banking, online banking has one major advantage over traditional “brick and mortar” banking – convenience. You can bank whenever you choose from wherever you are as banking online has no business hours.

This is particularly useful for example to small business owners who often need to react quickly to opportunities. Being able to buy stock at the best price or put in an order and pay quickly to complete a job is a massive advantage which could be lost if you have to send a staff member to cash a cheque or make a deposit inside the bank.

Some customers, however, remain uncertain about how safe it is to do your banking on the internet.

The reality today is that banks have not only made it easy for customers to have an online bank account but, more importantly, they have made this environment very safe to use.

Whether using a computer or using mobile banking through a banking app on your cellphone, you are transacting through the bank’s website, which is safe and secure with high protection from a firewall.

When you apply to bank online you also get your own unique username and password to access the website. One of the foremost security tips offered around banking on the internet is that you keep these credentials secret at all times.

Online banking security has been largely driven by a demand from customers migrating to these platforms. Banks have had to meet customers’ demands for more flexibility, simplicity, ease of use and protection from internet hackers.

What exactly is an internet hacker?

These are people with good computer and networking skills, which are useful for overcoming technical problems. Sounds innocent enough, right?

Unfortunately, many hackers use their adeptness with computers to gain unauthorised access to systems and networks to commit crimes, like steal your personal information and then access your bank account.

According to technopedia.com, you get three types of hackers:

  • Black hat hackers: Break into computer systems illegally and cause harm by stealing or destroying data (such as a banking system to steal money for personal gain).
  • White hat hackers: Use their skills to help enterprises create robust computer systems.
  • Grey hat hackers: Perform illegal hacking activities to show off their skills, rather than to achieve personal gain.

One of the most widespread internet scams involving banks is called “phishing”

This is when criminals use a form of electronic communication, like an email, to try to extract sensitive information from online customers, like their passwords or credit card details. The communication appears to be legitimately from the bank and many customers therefore react to it and divulge their personal details without realising it is nothing but a scam.

Read more about phishing and how to protect yourself in an informative African Bank blog.

African Bank has made online banking simple and easy to use because we understand that time is money. Come and talk to us about how to save time by using our quick ways to bank – and, we’ll save you money because banking with us online is free-to-use!

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About African Bank

Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.