Effective ways to keep your money safe

As the festive season slowly approaches, Lowvelder has put together tips to avoid being a victim of cash robberies – for an individual and businesses.

According to South African Banking Risk Information Centre:

– Carry as little cash as possible
– Consider the convenience of paying your accounts electronically
– Consider making use of cellphone banking or Internet transfers or ATMs
– Never make your bank visits public, even to people close to you.

ALSO READ:Top tourist tips when visiting the Lowveld or Kruger National Park

A small cash-based business that needs to deposit money on a regular basis, apply the following:

– Do not deposit money at the same time everyday
– Never make your bank visits public
– Avoid carrying money bags or briefcases
– Avoid openly displaying your deposit receipt book
– Do not bank at the same bank, get a close alternative
– If the amount of cash you are regularly depositing is increasing, consider using a cash management company
– Refrain from giving wages to your contract or casual labourers in full view of the public
– Consider arranging for electronic transfers of wages into contract or casual labourers’ personal bank accounts.

Source: South African Banking Risk Information Centre (SABRIC)

  AUTHOR
Lowvelder

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