Bank of South Pacific (BSP) Fiji says its banking systems are built with strong security measures, but customers also play a critical role in preventing fraud and protecting their accounts from unauthorised transactions.

Speaking on the security of its newly launched BSP eDollar eWallet, BSP says most cases of digital fraud occur after customers unknowingly hand over their banking credentials, including usernames, passwords or one-time passwords, to fraudsters through phishing scams and other deceptive platforms.

BSP says customers should never click on suspicious links or provide their banking details to anyone claiming to represent the bank. 

It warns that sharing a PIN, password or one-time password is similar to giving someone direct access to their home, as these credentials can allow fraudsters to bypass security measures and access their accounts.

To provide an additional layer of protection, BSP eDollar includes a 24-hour cooling-off period, giving customers time to identify and respond to suspicious activity before funds can be moved. 

The feature is designed to provide an added safeguard in situations where a customer’s login credentials may have been compromised.

BSP says while the bank continues to strengthen its security systems, customers must remain vigilant and take responsibility for protecting their credentials. 

The bank believes the eDollar platform, together with features such as the cooling-off period, will help provide customers with greater control, convenience and protection as more banking transactions move into the digital space.

BY: LITIA RABUA