Fast money, high risk: Why instant transfers can cost you

While instant money services have made sending and receiving cash simple, it is not without risks.

Siliga explained that both sender and receiver, as well as the retailer, have responsibilities to ensure the transaction is secure.

If something goes wrong, it is essential to investigate and report the incident to the ombudsman.

“It could be that the information is being penetrated by people who are hacking the system. That is part of the cyber sensitivities that come with transactions online,” she said.

Senders are encouraged to keep their receipts and PINs safe, not to share sensitive information, and to be mindful of potential scams.

Even in the banking sector, senders must be vigilant, attentive and take precautions to prevent financial loss, said Siliga.

“The transactions are irreversible, even if you have made a mistake. It is the responsibility of the sender to make sure that they are sending the money to the right bank account.”

To listen to Siliga in conversation with 702 and CapeTalk’s Africa Melane, use the audio player below: