Nedbank has reported a reduction of 99% in phishing losses since the launch of its enhanced internet banking security feature Approve-it.
The bank also confirmed that over 16 million secure online transactions were conducted during the same period.
Launched as a first of its kind in South Africa in 2012, Approve-it replaced the one-time password (OTP) system. Approve-it is a cellphone-based transaction authentication system that allows clients to authenticate sensitive internet banking transactions from their cellphones.
It enables clients to approve the transaction or reject it should they suspect that their profile has been compromised, thereby reducing the risk of fraudulent attacks such as account-hacking and phishing.
“Mobile and internet banking have become one of the most popular forms of banking and it is extremely important that users continue to adopt strict security measures when using these platforms,” said says Anton de Wet, managing executive of client engagement at Nedbank.
“More importantly, we believe banks need to continue investing in innovative solutions aimed at curbing online fraud, phishing and other scams, as fraudsters continue to display relentless determination in developing new phishing and other scamming methods.”
According to the recent independent survey by the Banking Ombudsman, Nedbank was one of the two banks reported to have experienced a significant decline in the number of complaints over the past 12 months.