Dont get hooked!

Gregg — Thu, 09 Sep 2010 11:25:48 +0000

Since the beginning of September I have received more than 60 phising emails from ABSA, FNB and Standard Bank. Most of them are the same old drivel about needing to verify account info or reset a “one-time pin” or some variation of that. However, this morning I received one that is new and really clever and is bound to catch more than a few people. It is a notice from Standard Bank confirming the addition of a new private beneficiary…it looks just like the real thing only this time there is the option to STOP NEW BENEFICIARY NOW and there is the clue.

As with all of the other phishing scams, if you scroll your mouse over the URL (STOP NEW BENEFICIARY NOW) you will see that it is not linking you to a Standard Bank website…and if you follow it and enter your info then you will find yourself out of pocket.

So here are a few tips:

Never follow an email link “from” your bank – as a rule, banks dont send emails to their customers. If you need to access your bank account then make sure you go via the bank’s home page and make sure that the web address is the correct one – it should start with https://www… and there should be a little padlock in the address line confirming that it is a secure link.
If you are uncertain then scroll your mouse over the URL to check the address of the site and if you are still uncertain then phone the bank and make sure. In this case, this is where the URL would take you http://server14.web-mania.com/users/fnbaccoC/ This is quite clearly not Standard Bank!
The phishers are just that – throwing a baited hook into the water hoping to catch something/anything…and as people become more aware of their schemes so they get more cunning about disguising the hook. The “latest” scam is an example of this…never ever access your bank account from an emailed link.

Comparative banking

Gregg — Tue, 08 Sep 2009 18:44:22 +0000

After having been a client of Std Bank for 19 years I finally had enough of the ridiculous bank fees that I was paying (R185 flat fee) and moved to Nedbank (R65 for the same thing and an annual saving of R1440!). The process was a lot easier than I had anticipated and is something that I should have done years ago.

I did quite a bit of shopping around and apart from Capitec Bank, Nedbank was the cheapest option that I could find. They offer a flat fee of R65 per month for what appears to be unlimited transacting on a current account. I dont get a cheque book and I dont get any paper statements (big deal). The best that Std Bank could offer was R87 and then it was not unlimited transacting. At the time, FNB’s option was R79 pm and ABSA had nothing to offer in that price range.

So I moved to Nedbank and so far so good, except for internet banking.

I am in the fortunate position to be able to compare all of the major banks’ internet banking offerings. I have used Std Bank for years (and still use it for a business account), I am now using Nedbank and I do internet banking for 2 ABSA clients and 1 FNB client.

Sadly, Nedbank is the worst. It seems their site was developed when computers were developed – it is archaic, restrcitive and not very user friendly. ABSA and Std Bank are good and pretty user friendly but I think that from an internet banking experience, FNB has got to be tops. It feels good, looks good and it is easy to use! You appear to be able to do just about anything.

For example you can set up a monthly payment to someone else with no end date. At Std Bank you can load it for 12 months at a time while at Nedbank you can only do it 1 month at a time – still need to get used to that but am hoping too that they will “get with it” soon!

All of the internet offerings have similar secuirty levels to log in (FNB only requires a user name and password) but all of them require you to enter a one-time password to add or amend beneficiaries. Nedbank has a very frustrating “terms and conditions” page which you need to accept each time you log in. I guess the danger is that you get so used to it that you dont read it and miss them making changes to it…let the banker beware!

One very concerning feature about ABSA internet banking is the amount of “phishing” that I am subject to. Each time I use their internet banking I get an email the next day advising me that there has been “unusual” activity on my account and that I need to login in to sort out some or other details – it is quite clearly a scam but what is very worrying is that “they” know that I have been on the ABSA site.

All in all I am still happy at Nedbank and will give it a few more months. What this whole experience has taught me is that it is a mission to move bank accounts, but not nearly as much of a mission as we think and not even close to what the banks would have us believe. If you are not getting the service and fees you think you should then vote with your feet – it is the only way that the banks will take notice.

That’s all for now!

Gregg

The Financial Coach™ - Managing people & their emotions around money » internet banking

Dont get hooked!

Comparative banking