Standard Bank coercion.
Last month, I could not sign in to Standard Bank online business banking. I was denied access unless I installed their banking app on my cellphone, which I consider a security risk in view of cellphone theft. The system was reset after contacting my banker, but I was told that it would be s****ped in a couple of months - presumably by end September, and that I would then have no option but to install the app on my cellphone. This is an insidious method to force everyone to use their cellphone application. I believe it is ******* to capture customers who have used the existing system for years or decades and for whom it would be very difficult to move to another bank to avoid Standard Bank's coercion. Is anyone else experiencing this? What's the legal position on this? Regards.
Thank you for contacting us.
Please be advised that Standard Bank has introduced the Mobile Banking App as a mandatory requirement to further enhance the security of our digital banking channels. This decision was taken in response to the increasing prevalence of online ***** and phishing ****s.
The Mobile App incorporates advanced security features and multi-factor authentication, which are not available through traditional cellphone banking. These measures provide a stronger safeguard for your accounts and transactions, thereby reducing the risk of unauthorized access.
We appreciate that this may represent a change from previous banking practices; however, the Bank remains committed to prioritizing the safety and protection of our clients’ financial information while continuing to provide convenient and reliable digital banking solutions.
Kindest regards,
Standard Bank Hello Peter Team
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Thank you for contacting us.
Please be advised that Standard Bank has introduced the Mobile Banking App as a mandatory requirement to further enhance the security of our digital banking channels. This decision was taken in response to the increasing prevalence of online ***** and phishing ****s.
The Mobile App incorporates advanced security features and multi-factor authentication, which are not available through traditional cellphone banking. These measures provide a stronger safeguard for your accounts and transactions, thereby reducing the risk of unauthorized access.
We appreciate that this may represent a change from previous banking practices; however, the Bank remains committed to prioritizing the safety and protection of our clients’ financial information while continuing to provide convenient and reliable digital banking solutions.
Kindest regards,
Standard Bank Hello Peter Team
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