The information from this article is based on an interview with Kwame Blanchfield from Republic Bank Limited on the Straight the BATT live show. He is currently the Senior Manager of Group Marketing & Communications at Republic Bank Limited.
Is digital banking safe for seniors in T&T? The answer is yes!
According to Kwame Blanchfield, banking online is the ability to do banking transactions online such as accessing your bank account via the internet where you are able to view your account balances, transfer funds, pay bills, and even pay loan installments. Many senior citizens may be hesitant to engage with online banking due to security concerns. While these concerns are not unwarranted, the banks have put many measures in place to ensure that their customers and their online banking information are secure.
How do banks ensure the Safety of Digital Banking in T&T?
- Each Customer is Required to Have a Username & Password
At the very minimum, each customer must have a username and password to access digital banking services from their bank. Customers are encouraged to always use strong passwords that cannot be easily cracked by hackers or other persons with mal intent.
- Email Alerts
If there are any debit or credit card transactions, even withdrawals from your account at an ATM, some banks immediately notify the customer, via email, that a transaction was done. If you did not conduct these transactions, you can immediately contact your bank and inform them of this.
- Two-Factor Authentication
When customers attempt to log in to their various digital banking tools, they may be asked to provide an answer to a security question or connect with a security device such as a one-time password (OTP) or sync approval.
The Sync option is a process where the bank’s Mobile app prompts for the customer’s approval when attempting to log in.
Want to learn more about whether digital banking is safe for seniors in T&T? Check out our video below:
This article is based on a discussion with Kwame Blanchfield on the Straight off the BATT Live Series from the Bankers Association of Trinidad and Tobago. The show aims to help you understand financial literacy and education. Join our mailing list, here.