3 tips to stay safe when making tap ‘n go payments or transacting online

Lester Kiewit speaks to Nischal Mewalall, CEO of the South African Banking Risk Information Centre (SABRIC).

Technology such as tap 'n go payments are convenient, but criminals are keeping up and 'no system is bulletproof', says Mewalall.

"As long as there's evolution in technology, criminals will evolve their capability. Our concern lies where data lie."

- Nischal Mewalall, CEO - SABRIC

Mewalall says when it comes to using platforms like Google Wallet, the 'benefits far outweigh the risk', but safety remains a concern.

Mewalall believes major risks in cashless payments come down to two things:

1) Keeping all your personal details on a phone or device without any passwords. If that device is stolen, so is your data. 

2) Customers getting phished by scammers.

"These two things are where major risks lie rather than the weakness itself of the technologists' hacks."

- Nischal Mewalall, CEO - SABRIC

To avoid getting scammed, it's recommended that you:

1) Add an extra layer of security with a tap and pin option so you have to enter a pin once your card is tapped

2) Create an extra virtual card with a specific limit on it so if someone does manage to get hold of that card, they won't be able to take anything above the limit you set

3) Avoid getting phished by giving out your personal information.

Think you might have been scammed?

Don't waste time.

Mewalall says it's important to identify fraudulent activity as soon as possible and report it to your bank immediately. Your bank will guide you through the rest of the process.

"If you catch it in good time, there should be some degree of recourse."

- Nischal Mewalall, CEO - SABRIC

Scroll up to the audio player to listen to the full conversation.