“Fraudsters are extremely agile, they are very innovative, there are some really bright and tech savvy people that form part of these fraud syndicates and the banks need to be able to respond in an equally agile manner. Having the right technology, the right processes and the right people is important,” he says.
With all its convenience, internet banking can sometimes have negative implications especially when your account has been hacked. Customers should always be cautious when using internet banking. They need to monitor their bank accounts and always have fraud hotline contacts handy.