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Bank digital services vulnerable to cyber-attacks

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Bank digital services vulnerable to cyber-attacks
WORRIED: Andrew Motsomi

Deputy Governor calls for secure and resilient systems

While offering convenience and easier access, digital and electronic services are vulnerable to cyber-attacks, fraud and failure to process and execute transactions.

This was the warning given out by Bank of Botswana’s Deputy Governor, Andrew Motsomi, who was speaking at the recent opening of the second Standard Chartered Bank Botswana (SCBB) Priority branch at Mowana Park in Phakalane.

Giving his keynote address, the Deputy Governor cautioned customers to be vigilant while using bank digital platforms and electronic services.

He further urged banks to have secure and resilient systems in place to curb situations where customers lose their money.

Motsomi also advised financial institutions to be appropriately responsive to customer queries.

Speaking of SCBB’s operations over the past years, Motsomi noted that the bank has recorded strong performance over time and contributed meaningfully to productive economic activity and diversification endeavours in Botswana.

“The bank’s total assets were P13.9 billion in December 2016, making it a significant player in the domestic financial sector,” he said, further stating that SCBB held P11.3 billion worth of public deposits, of which P7.7 billion was lent out for productive deployment by both households and businesses.

For her part, SCBB Head of Retail Banking, Pedzani Tafa said the Bank is particularly proud to be adding the second ‘Priority branch’ in Botswana following the branch in the Gaborone Central Business District (CBD).

Tafa highlighted one of the benefits of being a Priority customer as one becoming part of an international network with branches in Lagos, Dubai, Singapore and anywhere else where the bank has a presence.