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February 2006
Everyman's economy
Focus
Everyman's economy
Budget to aid house market
The substantial reduction in transfer duty on property, announced in the Budget, will probably lend further support to a steadily growing housing market in 2006, says Absa senior economist Jacques du Toit.
This growth is reflected in the number of building plans passed over the past year. According to building statistics released by Statistics South Africa, the real value of building plans passed for residential buildings increased by 34,8% to R26,5 billion (at 2000 constant prices) in 2005, compared to 42% growth in 2004.
Du Toit says the figures also show a changing trend over the past couple of years towards higher-density living in more secure areas.
Focus on Personal Finances
How safe is electronic banking?
It's no surprise that the security of electronic banking has come under extensive public scrutiny. Transactions take place 'virtually' i.e. without you actually seeing money change hands physically; security issues surround the exchange of information on the Internet, and there is the ever-present threat of hackers.
But to keep the issue in perspective, concerns around safe banking are nothing new and are certainly not unique to the area of electronic banking. Since pieces of metal were assigned a monetary value centuries ago, money has always been the target of crooks. Protecting our assets, no matter how meagre or large, is therefore a universal human concern.
Typically, if you were walking around with a substantial amount of cash on you, you would be cautious. You would be aware of your environment. At the sign of any suspicious behaviour from the people around you, you would be prepared to protect yourself if your money was threatened. These principles also apply to using electronic banking safely: be aware of the threats, and protect yourself. We've lined up some precautionary tips to help you protect your money.
Safety and the ATM
The first form of electronic banking was the ATM, so we'll start our discussion by looking at ATM security.
ATM banking is one of the least protected forms of electronic banking in a physical sense, as both you and your money are exposed to an uncontrolled environment. Your ATM card is a target, and you are a target. ATM bankers have been easy targets for criminals over the years, as a sophisticated criminal can read your PIN (Personal Identification Number) from the keyboard at a distance, and can distract you while retrieving your card and replacing it with another. Armed with both your PIN and your card, a criminal is perfectly set to raid your account later on.
You'll need to use common sense to prevent becoming a victim. Banks have extensively published 'rules' for ATM safety. They include:
- Avoid using ATMs at night or ATMs in isolated areas.
- Never use an ATM if any people nearby are behaving suspiciously (e.g. they have been standing there for a long time without actually queuing to do a bona fide transaction; or they pay you far too much attention, or they distract you as you attempt to do your banking).
- Never use an ATM if the card slot is broken or jammed.
- Stand as close to the ATM as possible so that no one can see you type in your PIN.
- If anyone offers to help you, decline firmly, cancel your transaction, retrieve your card and leave the area. Report the incident to the bank.
- Make sure that once your transactions are completed, you remove your card before moving away.
Getting your transactions right
A downside of doing ATM banking (i.e. doing all your transactions on the ATM as opposed to just drawing cash from the ATM) is that you may have several transactions to complete – all while a queue steadily builds behind you! The awareness that people are waiting their turn impatiently can make you flustered and more likely to make mistakes. So keep calm, focus on your task, ignore the queue behind you, and remember that you also had to queue for your turn, and that you are entitled to your time!
To make things go smoothly when it is your turn, be absolutely sure of which transactions you need to complete and for what amount. You should not be scratching around in your wallet for that 'little piece of paper' with the relevant details on it.
Finally, and perhaps most obviously, do your ATM banking at a time of day when you are not rushed, or don't have children in tow who will need your attention. Safe ATM banking is possible if you are vigilant, unflustered and focused.
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