According to FNB's CEO of Core Banking Solutions Galia Durbach, card-based transactional products are gaining popularity: "With the addition of debit cards as a payment mechanism to credit cards and petrol cards, the use of card-based transactions is on the rise. Furthermore, with the introduction of the Mzansi account for first-time banking more South Africans now have a bank card of some type."
Visa International Vice President of Risk Management for Africa Neil Hawkey says: "The modus operandi of organized criminals has changed. Visa and the banks are using technology to mitigate the risk. With the issuing of chip card technology throughout the world, criminals will face increased difficulty in operating and crime will be less viable."
Durbach concludes: "During the course of FNB Card Security Week we will be conducting campaigns to educate every card user of the prevalence risks, helping them to identify suspicious activity and reduce the risk of becoming a target for fraudsters."
