South Africans Aren’t Fully Trusting of Internet Banking

internet banking, South Africa, cyber- attacks, Online Fraud, Banking

Internet banking is becoming a mainstream activity in South Africa, but a study has found that many of the country’s citizens prefer visiting a branch to using online platforms.

A survey was conducted by security firm Kaspersky Lab in conjunction with B2B International. The study found that 43% of South Africans feel that traditional over-the-counter transactions are safer than internet banking.

Statistics show that 14 million banked people have access to the internet, while 2.3 million actively make use of internet banking.

74% of South African internet users use computers for online payments while 32% use smartphones.

It seems South Africans’ fears aren’t so irrational. According to Kaspersky Lab, one billion more cyber- attacks occurred in 2014.

The study also found that the majority of South African bank customers (64%) feel vulnerable when conducting online transactions.

Transacting online requires one to be extra vigilant. Security is a major issue. According to a Trend Micro report, there are just three malware applications that make up the majority of attacks on the financial system in South Africa. This spyware can compromise consumers’ private information by copying password and storing information typed.

Security experts have found that South Africans often fail to use strong passwords on their gadgets etc. This is a simple tool that can help to curb the spate of hacking and identity theft.

These findings seem to indicate that South African banks may have an even harder time with convincing their consumers to move towards internet banking. Investing in branches may continue for the foreseeable future as a result.

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