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March 2006
Everyman's economy
Focus
Everyman's economy
Fasten safety belts for growth
South Africa has to find innovative ways to manage the realities of global competitiveness, Trade and Industry minister Mandisi Mpahlwa said this week with the launch of Sanlam's sponsorship of key initiatives in the fashion design, textiles and manufacturing industries.
This sector is one of several to benefit from a renewed drive towards sustainability and job creation in the country. The announcement comes hot on the heels of President Thabo Mbeki's opening of Parliament speech, in which he said that the government is poised to make a number of strategic investments in the year ahead to bolster growth and employment creation. A revision of industrial policy is also apparently on the cards.
These interventions are expected to play a positive role in the manufacturing industry, which is currently exposed to more intense competition due to a strong rand.
Focus on Personal Finance
How to protect yourself against Internet fraud
In July 2003, several online account holders of a major South African bank lost a total of R500 000 in an Internet fraud case. The online theft raised serious concerns about the safety of Internet banking, and what can be done to prevent a recurrence. Two issues came to light:
- What security measures do banks have in place to protect their websites against fraud?
- What can Internet users do to ensure their own computers are secure?
Banking security measures
Banks that offer online banking are obliged to ensure optimal security at all times. Firewalls, encryption, and constant monitoring of new viruses threats are basic measures. Additional security features vary from bank to bank, and some features are unique to certain banks. Here are some of the banks' innovations:
- A double or triple log-in system that requires the user to enter more than one PIN or password.
- An on-screen keypad for entering your PIN so that hackers cannot monitor what you type in on your keyboard, and therefore cannot trace your PIN.
- Messages sent to you via SMS and/or e-mail, confirming your log-on, your transactions and any activity on your account.
- Digital security in the form of a handheld digital device that gives you a random security code for logging in, in addition to your normal log-in requirements.
- Monthly electronic account payment limits which you set yourself and which control the amount of money that can be transferred out of your account in a month.
When you register for online banking, ask your bank for a full list of security measures and a detailed explanation of how they work.
Personal security measures
Although banks need to provide a standard of security, you also need to ensure that your computer is safe for online banking, and that you follow banking safety procedures. Here are some basic tips and techniques for doing this:
- Purchase and install a reputable anti-virus software package. By regularly updating the virus definitions and software, your PC will be protected against virus threats.
- Cookies are packets of data sent to and from an Internet server to a browser, and contain information of what Internet pages you have been accessing. Delete the offline and temporary internet pages and the cookies from your PC regularly by opening Internet Explorer, going into the tools and options section, and selecting the general tab.
- Before entering your PIN or password, ensure you are on your bank's secure website by checking that the URL (website address) begins with "https" rather than "http". The 's' stands for 'secure'. The padlock symbol at the bottom right of the screen also indicates that you are on a secure site. To verify the site's authenticity, click on the padlock and open the merchant's digital certificate.
- Avoid doing your Internet banking at a public terminal, for example at an Internet café or an airport. If you absolutely have to use a public terminal, ensure that you are fully logged off before leaving, and never leave the terminal while your banking is in process.
- Regularly change your passwords and PINs.
There's no doubt that Internet banking is here to stay, and to make the most of this convenient and quick method of banking, it's essential to be vigilant and thorough about security. Take advantage of all the security features your bank offers, and ensure that you take responsibility too by maintaining security on your own computer.
Next month: Security of telephone and cellphone banking; and some important PIN savvy!
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