Addressing this issue, FNB is launching its third annual Online Security Week from 7 to 13 March, to raise awareness about secure online banking.

According to Roland le Sueur, Head of FNB Internet Banking, there has been significant growth in the number of individuals and businesses who are using online banking to conduct their financial transactions. The popularity of Internet banking is ramping up steeply; it offers unrivalled convenience and speed, and, with the necessary precautions in place, is a highly secure method of transacting, he notes.

FNB Internet Banking has recorded growth of 70% year on year for online transacting; he says. This is an increase that reflects an overall move towards greater Internet access across the continent. Data from Internet World Stats () indicates that there were almost 13m Africans online as of February 2005, representing an increase of 186,6% since 2000. Interestingly only 4% of Internet banking customers are concerned about the security of their transactions, he adds.

The fact is that every person transacting online should be aware of security and the risks that the Internet presents. At the same time, all of these threats can be mitigated against very effectively and at a very low cost, says le Sueur.

As a leader in securing its online banking customers, FNB offers a dedicated research and development division for the early identification of new Internet threats. It has also introduced unique features to its online banking systems for both private and corporate customers. These measures include the DigiTag device for 'second-level authentication' - a keyring-sized electronic unit that generates a random unique access code for every login, and its free inContact service, which notifies individuals by SMS or e-mail of any activity on their FNB accounts.

Fraudsters are always on the lookout for the weakest link in any environment, notes Le Sueur. While the banks do all they can to ensure the safety of customer funds, it is equally important for Internet banking users to ensure that they have the correct level of protection on their PC to prevent the compromise of their login details, he continues.

There is a perception that protection against the threat of online fraudsters is costly; however, this is not necessarily the case, as there are cost-effective programmes that are highly effective. It is also critical that all the software on a user's PCs is up-to-date, which ensures that all known vulnerabilities are blocked, says Le Sueur.

With online banking increasingly the choice of businesses from small organisations through to the largest of corporates, Chris Kotze, CEO of FNB eSolutions for businesses and corporates, says adequate protection must be provided in these transacting environments. Where companies are concerned, there are additional measures that must be taken. The amount of money at stake is potentially larger, so cross-checks on staff responsible for transacting become necessary. Managers must have systems in place for early warning of anomalous transactions, and must even monitor staff for excessive lifestyles that exceed their earnings, he says.

We believe, though, that probably the most powerful tool in the fight for better Internet security is education. When customers are aware of the threats, and know what has to be done to protect themselves, the Internet will be a far safer place for them, concludes Le Sueur.