Is the World’s First Anti-Theft Debit Card Tech in SA?

25 Feb

In 2019, combined card fraud in South Africa ramped up a whopping 18%. South Africans lost a total of R900 million last year and according to many sources, this amount looks set to increase year on year as criminals become ever more ingenious and consumers are not vigilant enough.

While the risk of cash-in-transit heists seems to have decreased, criminals have turned to digital fraud with more and more success. Online financial security has been a concern for some time with credit and debit card fraud and theft clearly needing advanced technology to protect customers. Enter Bank Zero with a patented debit card that offers just that.

Bank Zero is a new bank operating in South Africa, but it is not just ‘another’ bank. This particular digital bank is doing things a little differently. The company has created a patented anti-theft debit card that has unique security features that deter fraud and theft, while still meeting all the modern payment needs.

Who is Behind Bank Zero’s Anti-Theft Debit Card?

Bank Zero was conceptualised and created by banking innovator Yatin Narsai (ex-First National Bank), and tech entrepreneur, Michael Jordaan. The card is designed to assign multiple card numbers to different payment types, which makes fraud and theft a whole different ball game; “For example, the first card number could be a credit card number for magnetic swipes only, the second card number could be for online purchase only and the third card number could be for tap and dip purchases”.

While the card is currently ‘live’ in beta stage it is not yet available as Bank Zero is busy completing simulated system and security testing, to ensure that all fraud and theft risks are considered and thwarted by the card’s security features.

Last Word

While an anti-theft debit card is on the cards so to speak for South Africa, it does not mean that you can slack on your security. If you do invest in a Bank Zero debit card, it is important to remain vigilant, be careful and ensure that you do not behave in a risky manner when using your card.

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