It’s the beginning of a new year, the time for a fresh start and some new resolutions for the year ahead. Make staying safe one of them. Take a few moments to familiarise yourself with some basic safety tips.
Cashless transacting
Cash may be king but with it comes a risk – whether you draw it from a bank teller, ATM or carry it in your pocket – because it attracts criminals. Fortunately there are alternatives such as debit cards and online banking. These options are safer and usually more cost-effective than drawing cash, especially if large amounts are involved.
Debit cards
Your debit card allows you to pay for your shopping or pay accounts at most retailers and shops nationwide wherever there’s a point-of-sale machine. Once you swipe your card and enter your personal identification number (PIN), the transaction amount is deducted directly from your bank account.
It means that you don’t have to travel to the bank or ATM to draw cash, making it safer and more convenient. Every transaction is recorded on your bank statement, meaning you have a record of what you spent.
Capitec Bank has installed debit card readers at several Shoprite stores, allowing clients from any bank to find out exactly how much money they have in their account before using the debit card. There is no transaction fee for this balance inquiry.
Certain banks also do not charge a transaction fees for debit card purchases, which means that clients save money when paying by debit card instead of cash.
Online banking
Another way of paying for goods and services or transferring money to the accounts of service providers, employees or relatives is to use secure Internet banking. This means that you can manage your funds from the comfort of your home or office.
Ensure that your computer has the latest antivirus software loaded and follow your bank’s recommended online safety advice to keep your account secure. If you do have to make an electronic transfer and you do not have internet banking, do not worry. Simply visit your bank and ask it to make the necessary payment on your behalf.
ATM safety
ATM safety cannot be emphasised enough because it is easy for criminals to take advantage of unsuspecting and unaware users. Always ensure that the card returned at the ATM is yours.
Stay alert and never accept help from strangers. Do not give your card to strangers because your card might be skimmed. If you feel unsafe doing an ATM transaction, cancel your transaction immediately and alert a consultant or a security guard.
Protect your PIN
Never write down your PIN because it can easily fall into the wrong hands, especially if you keep it in your wallet or purse. Memorise the number and keep it secret. Be wary of ”shoulder-surfers” when entering your PIN – these people stand close behind you and try to look over your shoulder to see your PIN. Always try to cover the pinpad with one hand or your body to keep your PIN secret.
The same applies to your username and password when you use internet banking.
SMS account updates
Most banks offer an SMS notification service. Clients need to register for this service. They receive an SMS whenever there is activity on their accounts. This is a useful service, alerting the client when funds come into or go out of his or her account. It can also help a client to detect fraudulent activity on the account.
Check your statements
The other thing you should do regularly is check your bank statements – especially after holidays. Make sure the statements correspond with your till slips, card slips and other receipts and invoices you have collected from transactions and purchases. If they do not, it could indicate that your card was skimmed or used illegally. Alert your bank immediately if you are sure that you have not made
a mistake.
Talk to your family about money matters and be vigilant when using your debit card or handling cash. Apply these tips and keep your money safe. For further information, speak to an accredited financial adviser.
Have a happy and safe year.
Jason St Leger Seaton writes for the marketing and corporate affairs division at Capitec Bank. Brought to you by Capitec Bank