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18/12/2017 14:47 SAST | Updated 18/12/2017 14:47 SAST

Bank Customer: Be Vigilant At All Times This Festive Season

'Tis also the season in which, sadly, cash robberies increase.

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Bank customers need to be vigilant at all times, especially during the festive season.

According to the South African Banking Risk Information Centre (Sabric), 77 percent of reported cash robberies between December 2014 and December 2017 took place during the festive season.

"It is very distressing that bank clients who are the victims of these robberies are often injured or even killed during these incidents, which is why we urge them to find safer ways of transacting," said Sabric CEO Kalyani Pillay.

She urged bank customers to be vigilant at all times.

Tips for Individuals

  • Carry as little cash as possible.
  • Consider the convenience of paying your accounts electronically (consult your bank to find out about other available options).
  • Consider making use of cellphone banking, internet transfers or ATMs to do your banking.
  • Never make your bank visits public, even to people close to you.

READ: The Top 3 Bank Card Fraud Methods You Need To Know About

Tips for Businesses

  • Vary the days and times at which you deposit cash.
  • Never make your bank visits public, even to people close to you.
  • Do not openly display the money you are depositing while you are standing in the bank queue.
  • Avoid carrying money bags, briefcases or openly displaying your deposit receipt book.
  • It is advisable to identify another branch nearby you that you can visit at random, to ensure that your banking pattern is not easily recognisable or detected.
  • If the amount of cash you are regularly depositing is increasing as your business grows, consider using the services of a cash management company.
  • Refrain from giving wages to your contract or casual labourers in full view of the public; rather make use of wage accounts that can be provided by your bank.
  • Consider arranging for electronic transfers of wages to contract or casual labourers' personal bank accounts.

READ: How To Protect Your Business From Festive-Season Fraud

Tips for Stokvel Groupings

  • Refrain from making cash deposits of members' contributions on high-risk days (e.g. the Monday after month end).
  • Ensure persons depositing club cash contributions or making withdrawals are accompanied by another club member.
  • A stokvel savings club or burial society can arrange for members to deposit cash directly into the club's account, instead of collecting cash contributions.
  • Arrange for the club's payout to be electronically transferred into each member's personal account, or accounts of their choice.
  • Take another person with when going to deposit club cash contributions.

ALSO READ: 5 Ways To Dodge Stokvel Predators In Payouts Season