Media Centre
Holding Statement: Third Party Personal Financial Management Websites
2012-01-26It is absolutely imperative that Absa customers, and in fact customers of all banks, never divulge their sensitive personal information, such as PINs, passwords and one-time passwords, to any parties – via websites, phishing emails, phone calls, SMSes or any other means.
Disclosing one’s sensitive information renders the customer completely liable for any losses that may occur due to phishing or other online fraud, as per Absa’s online banking terms and conditions disallowing customers from divulging their sensitive information to any third party.
Aside from these serious security concerns, customers should also note that forthcoming redevelopments to Absa’s online banking platform, set for release later in 2012, will include a variety of personal financial management (PFM) tools. These tools will enable our customers to consolidate information from various institutions, budget more effectively, create a visual dashboard, view of their personal finances, and much more.
This rich array of personal financial management services will be available within the secure environment of Absa’s online banking interface, removing any of the security concerns present in sharing one’s personal information with third party PFM tools.
This will be provided to our customers at no additional charge to the regular monthly subscription fee. Some online PFM website services charge extra per month, on top of one’s existing online banking subscription or bundled product fees.
Some online PFM websites conflict with the clear fraud awareness messaging sent out by all major banks, as well as the South African Banking Risk Information Centre (SABRIC) and the South African Police Force.
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