South Africa secures its mobile banking

[img_assist|nid=7982|title=|desc=|link=none|align=left|width=66|height=100] Business cellphone banking in South Africa is to be protected by dual-authorization system. First national Bank (FNB) improved its security tools by adding dual-authorization as an option for business users.

Under new procedure a minimum of two registered cellphone banking users will be required to process each transaction, providing greater financial control and security.

"As part of the security features, once a customer has registered for this service, only registered cellphone numbers can perform transactions," says Len Pienaar, CEO of FNB Mobile and Transact Solutions. "This service also includes SMS notification to inform you of pending transactions waiting for your authorisation.”

“Nearly a quarter of all transactions through FNB's business cellphone banking are payments,” says Pienaar.