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Thread: SA banking set for smart technology

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    Site Caretaker Dave A's Avatar
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    SA banking set for smart technology

    South Africa's four big banks are to roll out microchip-embedded smart cards this year in a bid to fight fraud and grow a cashless society - encouraging consumers to make low-fee debit card payments for small purchases.

    The country is the first outside Europe - which launched the technology over the past three years - to adopt the smart cards and among the "second wave" of countries, including Australia and New Zealand, to do so.

    North American consumers have resisted the smart card as low fraud levels and high card volumes make the conversion expensive and unattractive.

    The new cards will contain an "intelligent" microchip that, by 2010, will allow consumers to download movie and sports events tickets from the Internet, pay for public transport and make small purchases at the cost of a few cents. They will offer superior security facilities for Internet transactions.
    read the fuull story from IOL here
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    just me duncan drennan's Avatar
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    I actually raised a question as to why this hasn't happened yet on The Forum last year, http://www.theforumsa.co.za/forums/showthread.php?t=578.

    Hope that it happens soon, should reduce fraud significantly
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    Our problems with banks are not the Infrastructure they have but more how they are regulated / controlled.

    We are one of the only countries in the world that pays to put money into our banks...... its insane!
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    Site Caretaker Dave A's Avatar
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    If we don't start pulling tgether as consumers of their services, we're never going to get it stopped. The cash deposit fee is ridiculous, for starters. And an annual card fee for credit cards...
    The trouble with opportunity is it normally comes dressed up as work.

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    Silver Member Candy Bouwer's Avatar
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    There are a lot of schools of thought out there and i know there is resistant because the church and religion is condemning it as a move to "end times". People are scared and this won't happen over night. The idea of Central monetary control sends panic to the Christian or religious communities.
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    Candy its not pannicky unless they start saying one has to have a chip imbedded into their body... until such time the christians are safe

    But saying this its tru... what can we do to stop banks from doing what they will.
    I will post shorley a snippet out of wellinformed.co.za for you to read about this
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    The Competition Commission released the names of the panel that will conduct an investigation into banking charges and access to the national payment system.

    The panel will be chaired by Thabani Jali, with Oupa Bodibe, Mrs Hixonia Nyasulu and Rob Petersen SC as the other members of the panel.
    Click here!


    The commission said that the panel would shortly issue guidelines and initial questionnaires for the assistance of those wishing or willing to submit relevant information to the inquiry.

    Public hearings were also expected to be held. - I-Net Bridge

    Article from business report

    This article was from August 4, 2006
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    Site Caretaker Dave A's Avatar
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    We tracked some of the reports on that commission in this thread.

    Not much seems to have happened since. But I suppose there will be a report sometime.
    The trouble with opportunity is it normally comes dressed up as work.

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    Silver Member Graeme's Avatar
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    “Washing” Cheques

    The following appeared in the Natal Mercury the other day:

    “Never send cheques in the mail to pay your accounts, as these can fall into the wrong hands and be “washed” by criminal syndicates who alter the amount and payee before presenting the cheque to the bank for payment”.

    I read this with disbelief, but a few days later my wife asked a teller at FNB about it and she confirmed what was in the paper. Well goodness me - washing and altering cheques successfully, notwithstanding all the clever anti-fraud measures taken by the printers and the banks.

    But really, can it be true? I would not wish to seem a subscriber to conspiracy theories, but if you were a bank, and very keen to reduce your overheads by encouraging on-line banking etc, might not putting a few stories about so as to make people nervous about sending cheques in the post be a good place to start?

    Is the article for real?

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    Site Caretaker Dave A's Avatar
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    I'm struggling to give the story credence. As long as you are using a decent ink pen, it certainly should take some pretty special treatment to pull off, I'd think.

    The bigger concern to my mind is that this sort of fraud is being associated with posted cheques. This does not say much for the integrity of our postal service.

    Recently I've had two cases of registered items that were posted to be and returned to sender - without me ever receiving notification that these registered items had arrived! I was not a happy trooper.
    The trouble with opportunity is it normally comes dressed up as work.

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