Nearly half of South African internet users believe traditional over-the-counter banking is safer than banking online. A survey by software-security group Kaspersky Lab and market research firm B2B International shows that despite these fears, most people still make some payments online.

Even though 64% feel vulnerable when making financial transactions online and 49% say making payments offline is more reliable than online, many fail to take even basic security measures – putting their money and bank’s reputation at risk, according to an IT News Africa report.

Ross Hogan, global head of the fraud prevention division at Kaspersky Lab, says it is essential for banks to invest in technology that ensures a secure banking environment for their clients.

‘If customers choose traditional over-the-counter banking, from fear of falling victim to internet fraud, it will hamper the adoption of high-margin online and mobile payment systems. This will force banks to invest more of their resources in low-margin branches instead,’ he says.

30 June 2015
Image: Sia Kambou/AFP