According to Charl Ueckermann, CEO at AVeS Cyber Security, "Financial institutions are obliged to provide secure mechanisms for their customers. And, consumers must protect their personal information and interests".
"Consumers have the right to ask what mechanisms their bank has in place to protect their personal information, as well as their money when they transact online. Bear in mind that cyber criminals make it their business to stay a step ahead of their targets. So, choose a bank that takes its online security very seriously," says Ueckermann. "People should also take the time to read their bank's online banking, or electronic access, agreement. This to check that they are meeting all the bank's requirements, for when banking online. Some banks may require users to install a specific security tool, or add-on, to the computer or device they use to transact online."Remember, it is also your responsibility to always keep your banking information, user IDs, passwords, and PIN numbers confidential.
"If you give your online banking details to anyone, it comes with the risk of losing whatever protection your bank offers against unauthorised transactions. This could result in you being responsible for any unauthorised transactions on your account. And, you won't be refunded for your loss," warns Ueckermann.