South Africas Standard Bank is offering its customers free anti-phishing software to protect against online fraud, the first bank in the country to offer such a service.
The countrys largest lender by assets said the new software, Rapport, will protect customers from divulging sensitive financial details to unscrupulous third parties when banking online.
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While financial institutions like Standard Bank have spent a great deal of time on consumer education and internal mechanisms to secure our systems, customers still find themselves out of pocket when defrauded by unscrupulous fraudsters when responding to phishing e-mails, said Itumeleng Monale, the banks director of self service banking.
In 2009 there were a total of 500,000 unique phishing sites identified on the internet with an average of 294 financial institutions targeted globally, according to the bank.
Last month Standard Bank joined forces with the Spar retail group to launch a person-to-person money transfer system, as the bank focuses on connecting the estimated 13.2 million unbanked rural population of South Africa (see RBI 629).
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