Look out for these five WhatsApp scams

By Jamie McKane for MyBroadband

WhatsApp has become the most prominent messaging platform across many parts of the world, offering a range of features which enable faster and more convenient communication.

The application also boasts impressive security, with end-to-end encryption delivering secure communication.

Due to its high rate of adoption, however, it has also become a targeted platform for scammers and attacks which aim to either compromise the user’s details or infect their device with malware.

The nature of these scams and attacks is constantly evolving, but we have listed five of the most prominent and dangerous scams currently in circulation below.

SIM-swop takeover
SIM-swop fraud is one of the biggest threats to South African WhatsApp users, considering the meteoric rise in the number of cases reported over the last year.

By committing SIM-swop fraud and taking ownership of your number, a user can easily and instantly install WhatsApp on their own smartphone and log in with your account.

The two-factor authentication message will be sent to the number used to log in, which the attacker will now have access to.

From here, they can easily scam your contacts to divulge information or send them money by impersonating you.

This type of attack is also a serious threat to the security of platforms which use SMS two-factor authentication – including many banking apps.

Users should check immediately with their cellphone provider if reception on their cellphone is lost for no apparent reason, as this is the first sign that SIM-swop fraud has been committed.

Verification request
This type of scam is spread through compromised accounts, and usually comes from a known contact who has had their account compromised.

Victims will receive a message from a user in their WhatsApp contact list who asks them to send them their WhatsApp verification code.

If they do this, scammers will have access to everything they need to access the user’s Whatsapp account and will take over their number.

From the compromised profile, scammers will either ask the victim’s contacts for verification codes to access their profile or they will pose as the victim and ask for mobile money payments.

The easiest way to avoid this scam is to never divulge your WhatsApp verification code and be wary about sending your contacts money if they are acting strangely over WhatsApp.

WhatsApp Gold
WhatsApp Gold is a well-known hoax which has been around for years, although it still seems to resurface occasionally and catches out many people.

The scam is a simple phishing attack which comprises hoax messages stating that WhatsApp has launched a new upgraded messaging service called WhatsApp Gold.

Often this premium version is advertised as free and including features such as new themes and free voice calls.

The message contains a link to download the “latest secret update” for WhatsApp Gold, which actually leads to malicious software being installed on the victim’s device.

This malware could do anything from steal your information to spy on your messages and communications.

Avoiding scams like this is easy if you follow best practices and never click on unknown links or download unverified software onto your device.

Phishing with vouchers
This is similar to the WhatsApp Gold scam, but these messages are usually sent from a number impersonating a fake contact.

The message generally states that users have won a free voucher for a local supermarket in return for them filling in a short survey.

However, the link contained in this message goes to a fake website which impersonates the supermarket’s web page.

Once users have entered their details into this website, their information has been compromised and is fed straight to the scammers.

WhatsApp is not the only platform where this scam takes place, as this is one of the most widespread and organised types of scams operating around the world.

Malicious spy apps
During your online browsing or within a WhatsApp message, you may find a link to download a WhatsApp “spy app”.

These applications claim to be able to see what your contacts are saying to each other, along with giving you the ability to intercept their pictures, voice messages, and images.

Of course there is no way to intercept WhatsApp messages in this way as all conversations are end-to-end encrypted.

Instead, these applications usually either install malware on the victim’s device or sign them up to subscription content services which charge exorbitant fees.

It is also important to realise that the Google Play Store is not infallible and can contain many malware-infested “WhatsApp Spy” apps.

By Cheryl Kahla for The South African

The National Cyber Security Centre (NCSC), a UK cyber security watchdog, recently released their list of the most-used passwords on the Internet.

A quick look at the most common passwords is enough to know that a lot of work still needs to be done to educate computer users about cybersecurity.

The most common password was ‘123456’ which was beat out by ‘123456789’, ‘qwerty’, ‘password’ and ‘1111111’.

While these common passwords are incredibly problematic, the most pervasive problem for home internet users was a combination of these easily guessed passwords, and the fact they were being re-used across multiple sites.

Re-using passwords on multiple platforms
Password re-use is problematic as a security breach on one site could compromise a users security on every other site the password is in use.

NCSC technical director Ian Levy explains:

“We understand that cybersecurity can feel daunting to a lot of people, but the National Cyber Security Centre has published lots of easily applicable advice to make you much less vulnerable.

He added that re-using a password is a major risk which can be avoided because “nobody should protect sensitive data with something that can be guessed”.

Favourite celebrities
Sports teams and first names are another common choices for passwords with ‘Ashley’ the most common name used as a password and ‘Liverpool’ the most common premier league football team name used as a password. ‘Blink182’ was the most common band.

“Using hard-to-guess passwords is a strong first step, and we recommend combining three random but memorable words. Be creative and use words memorable to you, so people can’t guess your password,” added Levy.

There are several password management tools available that can generate unique passwords and store them in a central place for users who want to take their online security to the next level.

So far the effects of artificial intelligence (AI) have been slow to reveal themselves in businesses in South Africa but the scale of the oncoming change is starting to become apparent overseas.

Isla Galloway-Gaul, MD of Inspiration Office, says: “AI’s influence is growing in the workplace and will bring substantial change to South African offices in the next few years as machine learning, task automation and robotics are increasingly used in business.”

The ability of computers to learn, rather than be programmed, puts a wide range of complex roles within reach of automation for the first time.

Bots and virtual assistants

As machine-learning trained systems gain the ability to understand speech and language, so the prospect of automated chatbots is becoming a reality.

One example is UK electronics retailer Dixons Carphone, which used the Microsoft Bot Framework and Microsoft Cognitive Services to create a conversational bot.

Google demonstrated the potential of chatbots last year with its demo of its Duplex system. Duplex rang up businesses such as a restaurant and a hairdressers booking an appointment while sounding and behaving enough like a human.

“Household names are also muscling into the area of creating a virtual assistant for the enterprise space like Amazon’s Alexa for Business. With many AI-assisted technologies, the aim of using chatbots and virtual assistants appears to be either making existing employees more effective or replacing manual roles,“ noted Galloway-Gaul.

Workplace sensor technology and analytics

Huge amounts of data can now be collected from inexpensive sensors applied to smart decisions. For example, South African workplace sensing technology company MakeSense allows businesses to accurately assess just howmuch of their workplaces they actually use, likely saving a lot of money in the process.

It works by placing small sensors around the office which analyses peoples’ movement.

“Workspace occupancy sensing technology helps businesses understand how desks, meeting rooms and break out spaces are used in extraordinary detail. For example on average 40% of people don’t turn up to meetings so many meetings room are probably too big and are wasted space and cost.”

Machine vision in the workplace

Machine vision is an area of AI that could allow the automation of many manual roles that until recently would have been considered too complex for a computer system to handle.

A case is point is Amazon Go, a grocery store where shoppers just pick up what they want and walk out of the shop with their goods. The system works by using cameras dotted throughout the store to track what each shopper picks up. The shopper is charged when they leave, via an Amazon app on their smartphone.

Robots in the workplace

Robots are nothing new in the workplace, having been a fixture in car manufacturing plants for decades.

“But what’s different today is that robots are beginning to be used for less repetitive and predictable tasks. Robots can increasingly cope with a greater deal of uncertainty in their environment, broadening the tasks they can take on and opening the possibility of working more closely alongside humans.” Galloway-Gaul noted. Amazon again is leading the way in using robots to improve efficiency inside its warehouses. Its knee-high warehouse robots carry products to human pickers who select items to be sent out.

Robotic process automation

Back office tasks like data entry, accounting, human resources and supply-chain management are full of repetitive and semi-predictable tasks.

Increasingly, robotic process automation (RPA) software is used to capture the rules that govern how people process transactions, manipulate data and send data to and from computer systems, in an attempt to then use those rules to build an automated platform that can perform those roles.

“Change is therefore coming to all workspaces all around the world; the trick will be getting AI to help business grow and work well with humans,” Galloway-Gaul concludes.

By Allana Akhtar for Business Insider US 

Being on your phone at work, once the sign of a bad employee, is now the norm.

Text messages are “making deep inroads” in workplaces across America, says Wall Street Journal reporter Te-Ping Chen. Yet messaging your boss can lead to accidental texts like “Love you” or “pumpkinbear.”

“While email helps silo work communications, the text inbox is a more blended affair, where notes from friends and family jostle with communiqués from bosses and co-workers,” Chen writes.

Besides awkward text exchanges, there are other miscues many employees can make as smartphones become more commonplace at work. For instance, overusing your phone or constantly getting bombarded with notifications can lead to decreased productivity.

“Productivity is often at its apex during a flow state,” when a person is fully immersed in an activity, NYC-based psychotherapist Jordana Jacobs told Business Insider.

According to Jacobs, while phones are great for the technology they provide, they also feed into our natural distracted state. Cell phones take us out of the flow state, “which is so fundamental to productivity,” she said. “Essentially, we are consistently interrupting our own thought process,” she said. To put it simply, our phones “take us away from ‘the now,'” she added.

It’s probably not plausible for you to get rid of your phone at work completely, but you can still take steps to keep it from getting in the way of your goals.

The first step to being more productive is identifying all the ways our phones keep us from staying focused. Jacobs and Jonathan Alpert, psychotherapist and author of “Be Fearless: Change Your Life in 28 Days,” broke down the phone habits that are ruining our productivity:

Mindlessly checking emails harms productivity
According to Jacobs, smartphones take us out of being in the present. When we’re constantly checking those work and personal emails, she said it puts us in the mindset of, “I’m doing this rather than just being where I am now.”

Constantly taking photos can keep you from being in the moment
One of the perks of today’s smartphones is that they double as high-quality cameras.

While it’s great to want to take a picture here and there to have a keepsake of a particular moment, Jacobs said that playing paparazzi in our own lives is another way of taking us from living in the now.

Checking social media distracts us from the actual task
Social media can feed our obsession with other people’s lives, but Jacobs said it’s also a platform for us to brag to our followers about what we are doing or have done.

Texting others keeps you from conversing with people around you
Jacobs said that texting and messaging other people can have you more focused on what those people are currently doing, causing a distraction from anything productive that you should be achieving.

Having your phone out all the time keeps you from prioritising
Jacobs said she believes that we have lost the capacity to be alone.

“We now think of the phone as our primary attachment figure; all of the people we know and love live in the phone, that’s how we talk to them,” she said. “We never actually have space by ourselves to contemplate, reflect, or gain insight into the self, in the way we used to be able to.”

Knowing and growing ourselves can be the most productive work we do, and our phones often get in the way of this.

Productivity apps can help and hurt your efforts
While Alpert does think that there are some productivity apps that can be helpful, he said he believes that relying solely on them or downloading the wrong one can actually do the opposite. According to him, the best way to stay productive is to have the right mindset.

“How someone thinks can significantly impact their behaviors, drive, and ultimately their output,” he said. “People should feel encouraged that developing a go-getter mindset is possible.”

Notifications on your screen can be distracting
Alpert said many people do, and these notifications – whether it’s a text message or news alert – can distract you from finishing whatever work you have started. He suggested shutting off social media notifications completely. “These merely serve as a distraction and probably don’t contain anything urgent,” he said.

Opening one app can leads to opening another
With apps, the internet, and other features of smartphones, you can easily find yourself going down a deep rabbit hole of distraction.

“Rarely do people go online or on their phones and stick to the intended reason for checking their phones,” he said. “If they’re checking weather, that might then lead to checking email, messages, or reading a news story – all this serves as a gross distraction and impacts productivity.”

The blue light emitted by your phone impacts sleep quality
According to Alpert, the blue light that is emitted from devices can affect our sleep patterns.

“Blue light is thought to enter the brain through the eyes and impact the pineal gland. This gland plays a role in melatonin production, the hormone that helps regulate sleep and wake cycles,” he said. “So devices used close to bed could impact someone’s ability to get proper rest.”

This will have a profound effect on mood, energy levels, and ability to focus and complete tasks, he said.

Since we can look up anything  we may be losing the ability to wonder
This one may not be expressly related to productivity, but it is still concerning.

Jacobs said we have lost our ability to wonder, because we can pretty much look up whatever we need to – the answers to every burning question we may have are always right at our fingertips. “I think this truncates the creativity process and stunts our imaginations,” she said.

How to detect and avoid online scams

By David and Libby Koch for News.com.au

Digital technology, social media and e-mail have changed the way we communicate – but it also gives criminals easier access to victims.

Online scams are so sophisticated and appear so authentic that they are conning thousands of Australians out of millions of dollars. And the scams are like cockroaches — you can’t seem to kill them.

It has been particularly distressing for us to receive emails from readers and viewers who have lost money on Facebook scams recommending investing in Bitcoin or endorsing an erectile dysfunction lotion.

These are constantly reported to Facebook who take them down, but then they immediately reappear apparently using a different server.

The worst scams doing the rounds to be aware of and avoid at the moment are:

• Netflix: Fake emails claiming your account has been blocked because of payment issues and asks for bank details to resume service.

• Paypal: Fake emails wanting your bank details and passwords to confirm account.

• SARS impersonators: Telephone using an automated voice claiming you haven’t lodged a tax return and to call a number or legal action will commence immediately. A similar scam claims to be from a law enforcement agency.

• Gift Cards: Fake emails claiming you owe a company payment and they only want you to be paid by gift cards like iTunes, Google Play, Amazon and Australia Post Load&Go prepaid debit cards.

• Celebrity endorsement scams: Use a well-known personality to sell products ranging from face creams and cosmetics to weight loss and investments.

• Governance: Scammers are even pretending to be regulators and asking for personal details to renew business or company names online.

• Surprise inheritances or money owed: Usually posing as a lawyer or accountant, these scammers notify you they are holding money in your name from an inheritance or lost superannuation and want your bank details to transfer it over.

• Telco and energy bills: Fake invoices and statements from Telstra and Optus as well as Origin and AGL demanding immediate payment. Or they claim you’ve overpaid or entitled a refund and want bank details to send the money.

• Phishing never seems to go away. These are authentic-looking emails supposedly from your bank asking you to click a link to the bank website and verify all your details and passwords. It’s a con.

One wrong click of the mouse could be costly.

The list of digital scams is almost endless, and we haven’t even got to pyramid schemes, dating scams and online shopping.

Now that we’ve scared you with ways you can be conned out, here are some key ways to protect yourself.:

1. Never give your password, PIN, bank details or Tax File Number to anyone online or over the phone. Generally no legitimate company will ask for those details online. If you’re uncertain, ring the bank or telco and check whether it is legitimate. If someone rings us and asks for us to verify our details we’ll ask them to tell us what they have rather than us volunteer the information.

2. Review your security and privacy details on social media and be careful with who you connect with.

3. Choose passwords carefully. We have to remember an enormous number passwords across different accounts but it is important to make them hard to crack. Use a password authenticator app or a password keeper on your smartphone.

4. Check for clues on the authenticity of an email. If it uses a general, rather than a personal, greeting you need to beware. Fakes often have bad grammar, sound overly official and are poor quality.

5. Beware of unusual methods of payment. A lot of scammers like to work outside traditional financial systems and processes. Anyone who wants payment by a gift card or virtual currencies (like Bitcoin) is usually a crook and probably into money laundering.

6. Don’t agree to deals straight away. Tell the person who calls that you’re not interested or that you want to get independent advice before making a decision. Then you can do more research to verify an offer.

7. Visit Google and other websites to verify information.

9. If it seems too good to be true, it probably is. The most powerful filter you have against scams is your gut feel. These offers are probably best avoided or, at least, need detailed verification.

Be on your guard.

By Kevin Lancaster for MyBroadband

Discovery Bank, Bank Zero, and TymeBank – South Africa’s newest banks – are set to “disrupt” the local banking scene in 2019.

Disrupt – an almost meaningless word which is akin to “millennial” in terms of its flagrant use by anyone who wants to show they understand trends and marketing – is not enough, however.

The new banks must destroy everything in their path, particularly the banking fees South Africans pay today.

We recently showed that compared to Bitcoin and Ethereum, and their respective blockchains, local banks are slow and cumbersome.

Where it took Bitcoin and Ethereum under 10 minutes to send tokens from one account to another, a local bank transfer from Standard Bank to Absa took almost 12 hours.

The cryptocurrency transfers did accrue a small transfer fee while the bank-to-bank transaction was free, but there are no monthly fees for most cryptocurrency wallets – unlike a bank account.

The potential of cryptocurrency transactions is not truly realised with local payments, however, and where they truly shine is in international payments.

While maintaining fast transfer times regardless of where in the world you send tokens, the fees you pay do not change. If you send Ethereum to Durban or Dubai, it will take the same amount of time and you will be charged the same fee.

The same cannot be said for bank transactions. “International fees” are charged when you make a payment across a border.

A practical example of this is when you pay your Netflix subscription fee, you pay extra – as the money goes to the company’s operation in Amsterdam.

A Netflix Premium subscription costs R169, with a transfer fee of R4.65 added on top of this.

International fees
These bank fees extend to “currency conversion” charges, too, which means that if you make a payment in an international currency with your card, you will have to pay for the pleasure.

Nedbank, Absa, FNB, and Standard Bank all charge this fee, which ranges from 2% to 2.75% – depending on which bank you are with. Capitec told MyBroadband that it does not charge a currency conversion fee.

While 2% does not sound like much, this accumulates rather quickly when making multiple transactions.

I discovered this on a recent work trip to the US, where I used my South African credit card to pay for items in US dollars.

After checking my online banking a couple days into my trip, I immediately switched to drawing cash for the day and sucking up the once-off withdrawal fee as opposed to making all payments with my card.

And yes, there is an “international fee” when withdrawing cash from an ATM in a foreign country.

Before switching to cash, these are the international fees which I accrued on my card:

R5.47
R6.99
R16.03
R13.56
R4.60
R0.79
R8.01
R3.37
R5.48
R313.72

The total: R378.02.

Whether these fees are implemented by the local bank, international banks, or a combination of the two is irrelevant – as the consumer this is what you pay.

Admittedly, the example of international transactions is an extreme one but it nonetheless serves as a reminder of the culture of fees worshipped by local banks.

These fees extend far beyond international payments and see users being charged to send an email payment confirmation to a recipient.

Before you fill in the text box at the bottom of your online payment confirmation window, entering the beneficiary’s email address so the bank will send them a mail confirming your payment was made, first check how much it will cost.

For me it was R1.10. My bank charged me R1.10 to send an automated email confirming a payment – another discovery made during the fee investigation.

Discovery Bank, Bank Zero, and TymeBank have all talked a big game about disrupting the local banking scene when they launch.

Let us hope they can deliver on their promises and that they will do more than merely disrupt – they must destroy and replace.

E-commerce could create 3m jobs in Africa

Source: Fin24

Online marketplaces establishing themselves across Africa could create around 3-million new jobs by 2025.

These digital platforms, which match buyers and providers of goods and services, could also raise incomes and boost inclusive economic growth with minimal disruption to existing businesses and workforce norms.

These are among the findings of a new report, How Online Marketplaces Can Power Employment in Africa, released by Boston Consulting Group (BCG).

Generating employment is an urgent priority across the continent. The African Development Bank estimates that one-third of the 420 million Africans aged 15 through 35 were unemployed as of 2015.

Around 58% of the new jobs—created directly, indirectly, and through the additional economic activity generated by online marketplaces—will be in the consumer goods sector, 18% will be in mobility services, and 9% in the travel and hospitality sector, according to the report.

For online marketplaces to reach their full potential, however, the public and private sectors must work together to build the right digital environment from the outset, the report notes.

Obstacles to industry expansion include underdeveloped infrastructure, a lack of regulatory clarity and limited market access.

The economic and social benefits of online marketplaces

“Online marketplaces are a good illustration of how the digital revolution can create economic opportunity and improve social welfare in Africa,” says Jan Gildemeister, BCG partner and managing director based in Johannesburg.

“Because Africa currently lacks an efficient distribution infrastructure, online marketplaces could create millions of jobs.”

Concerns that growth in online marketplaces will merely cannibalise the sales of brick-and-mortar retailers are misplaced in the case of Africa, according to the report.

There were only 15 stores per one million inhabitants in Africa in 2018, compared with 568 per million in Europe and 930 in the US. This extremely low penetration suggests that there’s minimal risk that e-commerce will displace existing retailers and that much of the population is underserved.

The report also details the ways in which economic activity generated by online marketplaces boosts employment and incomes.

These businesses create demand for personnel in new fields, such as platform development, as well as for merchants, marketers, craftspeople, drivers, logistics clerks, and hospitality staff.

Some also offer skills-development programs and help small enterprises raise capital to expand their businesses.

Online marketplaces also boost demand for goods and services in areas currently beyond the reach of conventional retail networks and bring new people—such as women and youth who may be currently excluded from labour markets—into the workforce.

The report recommends that the online marketplace community and African governments collaborate to address the challenges that hinder the online marketplaces’ ability to grow.

S&P downgrades Cell C

By Gugu Lourie for Tech Financials 

South Africa’s troubled mobile operator, Cell C, has been downgraded on liquidity and refinancing risks concerns, Standard & Poor’s (S&P) Global Ratings has said in a statement.

Cell C faces considerable short-term liquidity and refinancing risks, with R8.8 billion of its R9 billion reported debt maturing within the next 18 months, and still-negative free cash flow.

The rating agency lowered Cell C’s issuer credit rating to CCC- from CCC+, placing it in “junk” territory.

The agency said Cell C would face a near-term liquidity crisis if it was unable to refinance upcoming maturities and secure new financing.

“This would increase the likelihood that Cell C might engage in a distressed exchange or restructuring discussions, which would likely result in us lowering the ratings further,” said S&P.

“We could raise the ratings if Cell C successfully refinances its upcoming debt maturities and if the refinancing enhances its capital structure and liquidity.”

Cell C’s liquidity position continues to weaken, while re-financing risk has intensified because of upcoming debt maturities.

In addition, it was announced in February that The Buffet Consortium, backed by financial institutions, would become a minority shareholder in an effort to bolster the company’s balance sheet and ensure its sustainability.

“Still, the conditions, timing, and outcome of such a transaction remain uncertain,” warned S&P.

Cell C’s reported cash on hand of about R500 million at Dec. 31, 2018, and a committed vendor financing facility of $71 million (R1 billion).

“Cell C’s liquidity position remains vulnerable to funding conditions, as well as the willingness of financial institutions to refinance the upcoming maturities and extend new capital expenditure (capex) financing lines,” said S&P.

The company’s upcoming debt maturities in 2019 and 2020 include:

  • A R1.4 billion airtime backed facility due July 2019;
  • About R3.8 billion of bank funding due January and July 2020;
  • A $184 million (R2.6 billion) senior secured bond due August 2020; and
  • A rolling R900 million handset financing facility.

“While the company generates sufficient EBITDA to cover its cash interest costs, the high effective interest rates on its
current borrowings and its unfunded capex profile lead us to assess its current capital structure as unsustainable,” said S&P.

“Furthermore, macro-economic conditions in South Africa remain weak, limiting Cell C’s ability to increase revenue and improve margins.”

By Wendy Knowler for Herald Live

Credit card fraud has been rapidly outpacing all other forms of bank fraud in recent months, with many older people being sweet-talked by fraudsters posing as bank officials into revealing their one-time-password (OTP) over the phone.

The Ombudsman for Banking Services, Reana Steyn, issued a warning about the alarming trend, revealing that 58% of the bank clients who complained about falling victim to credit card fraud in the past three months were older than 61 and 11% were older than 80.

“Not long ago credit card fraud was number five in our list of complaint categories, and now it’s number two, comprising 19,45% of all complaints,” Steyn said.

“That’s up from about 12% in December. At this rate it will soon overtake internet banking fraud to occupy the top spot.”

In a typical scenario, a bank client gets a call from a fraudster claiming to be phoning from their bank. In most cases, the fraudster already has the person’s credit card number.

The fraudster has gone onto an online shopping site – two of their favourites are Takealot and Foschini, Steyn said – and, poised to buy with victim’s credit card, they convince them that in order to help the bank prevent them from falling victim to fraud, they must please read out the OTP which has been sent to them via SMS.

The victim complies, and then the shopping begins.

The fraudsters also con people into believing that the bank will give them extra bank loyalty rewards points if they answer a few questions, Steyn said.

In the process of that Q&A, they’re asked for their OTP.

In one case, a fraudster asked a woman if she would like to convert her bank rewards points into cash. With that benefit in mind, she read out her OTP.

Alarmed at getting similar calls on the same day, she phoned her bank, but had already been defrauded of R11,200.

“Credit card fraud is a growing concern as banking systems increase in speed and efficiency,” Steyn said. “At the same time, fraudsters apply more sophisticated tactics to defraud and rob customers of their hard-earned money and savings.

“All bank customers, particularly the elderly, need to be knowledgeable and vigilant about their preferred banking channels.”

What not to do:

  • Never share personal and confidential information with strangers over the phone.
  • Banks will never ask you to confirm your confidential information over the phone.
  • If you receive an OTP on your phone without having transacted yourself, it is likely that it is a fraudster who has used your personal information. Do not provide the OTP to anybody. Contact your bank immediately to alert them to the possibility that your information may have been compromised.

How to complain:

  • Lodge a formal, written complaint directly with your bank’s dispute resolution department.Ask for a complaint reference number from your bank.
  • Allow the bank 20 working days in which to respond to your complaint.
  • Obtain a written response from your bank and if you are not satisfied with the outcome, please log the complaint with the Ombudsman for Banking Services.

How rolling blackouts affected the economy

BankservAfrica’s monthly Economic Transaction Index (Beti), a broad indicator of the country’s economic health, showed that transactions declined by 0.4% from February to March.

“The March Beti declined across all measurement periods,” says Shergeran Naidoo, BankservAfrica’s head of stakeholder engagements, in a statement. Naidoo said the numbers are a clear indication of the “deteriorating state of the economy”.

According to a recent article in MoneyWeb,  Eskom’s load shedding in March hit the economy hard. Individual transactions increased in value but decreased in number during this period.

The standardised nominal value of the Beti was R875.7-billion while the average value per transaction was R8 444. This is the first nominal rise in 23 months, said Naidoo. This rise, however, is due to VAT refunds paid in March.

“Without the nearly R20-billion worth of VAT repayments paid into the National Payments System, the March Beti would have been worse off.”

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