FNB customers will no longer be able to save their online banking passwords in their browsers.
In a notice published on the FNB’s website, the bank said that it had made the decision in an effort to protect customers from malware attacks.
“All stored passwords on your device can be viewed during a malware attack,” it said.
“Passwords can be easily accessed on your unattended/unlocked/stolen device.”
It added that customers will now be required to enter their username and password manually every time they log-in.
A May report by Kaspersky found that Android smartphones in South Africa are the second-most targeted for banking malware in the world.
According to the group, South Africa sees 13,842 cyberattacks per day, with the country reporting a 22% year-on-year increase in malware attacks compared to 2018.
Financial malware, commonly identified as banking Trojans, is aimed at stealing finances and financial data, as well as providing threat actors with access to users’ and financial organisations’ assets and machines.
Such threats have always occupied a significant part of a threat landscape, as finance is the most common motivation for cybercriminals and fraudsters, Kaspersky said.
“Typical attack vectors for malware are spam emails and phishing web pages. The latter usually appear to be legitimate websites, yet in fact are created by threat actors in an attempt to steal credentials, bank card details or other types of sensitive information.
“During the first half of 2019, Kaspersky researchers have detected more than 339,000 phishing attacks from web pages disguised as landing pages of large banks.”