Financial Education

3 ways to bank safely from your phone

Cellphone banking allows you to bank on-the-go, any time – but criminals are always looking for ways to scam you into giving them access to your cellphone. The good news is that if you're careful about a few key things, banking on your phone can be very safe.

Article Image

Remember, what’s convenient for you could also be convenient for fraudsters if they’re able to get access to your phone. Here are 3 ways to help you bank safely on your phone, wherever you are.

  1. Lock it up

Make sure you have a password or screen lock activated on your cellphone (either a PIN or puzzle that will unlock your phone for use). If you use a PIN, make it something that won’t be too easy to guess. And if you use a pattern, make it a little complicated. And get into the habit of keeping your phone locked any time you are not using it. This will add protection if your phone ends up in the wrong hands.

  1. Be smart about your banking passwords

Just like your cellphone password, make sure the password for your banking app is not something that would be easy to guess. For example, don’t use your birthdate, which someone could easily find elsewhere.

Never write your PIN down, and never store it in your wallet or bag, or on your cellphone. Memorise it and don’t share it with anyone.

Be aware of what and who is around you when you access your banking app. Make sure no one can see your screen and your keypad as you enter your PIN. If you think your PIN code may no longer be secret, change the PIN immediately and contact your bank for help.  

  1. Stay ahead of scammers

Never believe an SMS or email claiming to be from your bank that asks you to confirm personal details, banking information, PINs or a transaction. Your bank will never ask you for these details in this way.

If you receive a phone call requesting this information do not respond and end the call immediately.

Anyone can be a target for a scam, so look out for updates from your bank or warnings in the media about common scams and safety tips. For more information now, you can visit the South African Banking Risk Information Centre’s (SABRIC) website.

Was this article helpful?

you may also like...

View All Other Articles View All
financial action plan: include your children

financial action plan: include your children

Your children may have new questions or worries about money as they see things change around them due to the impacts of lockdown. Teaching them money skills and strategies can help to reassure them, keep them busy at home, and set them up for the future.

Read More
money reboot: sort out your paperwork

money reboot: sort out your paperwork

Getting your important paperwork in order is essential to have a clear view of your money. It will also protect you and your family from stress and risk in the case of an emergency.

Read More
keep your money safe from scammers

keep your money safe from scammers

Protecting your banking information is an essential part of protecting your money. If you’re not aware of the risks, it can be easy for criminals to convince you to share sensitive information.

Read More
Upskill for a changing world

Upskill for a changing world

The COVID-19 pandemic has changed the way we live and work. Develop your skill set to keep up with changes, invest in your financial security and take advantage of new opportunities that may come your way.

Read More
View All Other Articles

browse more articles

Related Articles All Articles