If you lose your phone, notify your bank IMMEDIATELY – Standard Bank

Bongani Bingwa speaks to Standard Bank Digital and eCommerce Head, Belinda Rathogwa.

Listen below.

If your phone is lost or stolen, report it immediately to your bank.

“Time is of the essence when it comes to preventing cybercrime. If you delay reporting a crime, it gives the fraudsters a lot of time to work out ways to get your sensitive information.”

Belinda Rathogwa, Head of Digital and eCommerce – Standard Bank

“The same way you would phone your cell phone provider… If you lose your phone, notify your bank immediately because your bank is on your phone now.”

Belinda Rathogwa, Head of Digital and eCommerce – Standard Bank

This is in response to the recent experience of long-time client, Fortunato Mazzone.

The restaurateur and chef recently had his phone stolen which resulted in an estimated R600,000 being stolen from his accounts.

RELATED: Gauteng businessman loses R600k after his phone was stolen

While the investigation is ongoing, Rathogwa confirms it is possible for criminals to gain access to your account via your cellphone.

It is thus up to the individual to secure the banking apps accordingly – with biometrics, or a PIN and password. 

“In this instance, the fraudsters used the client’s PIN… I cannot recommend biometrics enough.  If you do use a PIN, it is critical that you do not share your PIN or password… or store it.”

Belinda Rathogwa, Head of Digital and eCommerce – Standard Bank

“Mr Mazzone is a long-standing client of ours and we are deeply saddened that he has lost money due to this crime. We have processes in place to investigate what has happened… and where possible assist the client.”

Belinda Rathogwa, Head of Digital and eCommerce – Standard Bank