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Nedbank reports 99% reduction in phishing losses

It is a year since the launch of its enhanced Internet banking security feature Approve-it and Nedbank reported a reduction of 99% in phishing losses when compared to the same period in 2011. 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.

‘We are delighted with the 99% reduction in phishing losses since the introduction of the Approve-it system. Mobile and Internet banking has 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. 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,’ says Anton de Wet, managing executive of client engagement at Nedbank.

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.

Approve-it forms part of Nedbank’s key strategic business drivers – to lead in digital banking by providing secure, easy-to-do banking, anytime, anywhere. This is done through the Nedbank App Suite, MyFinancialLife, the online personal financial management tool, Home Loans Online Digital Channel and the recently launched PocketPOS, which enables businesses to process debit and credit card transactions by using a smartphone connected to a secure card reader.

For more information, go to www.nedbank.co.za or call the Nedbank Contact Centre on 0860 555 111.

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