Bank Zero’s unique security features have prevented any card breaches despite numerous fraud attempts since its public launch in 2021.
Bank Zero launched on 10 August 2021, promising lower transaction costs and an enhanced online experience through its app.
One of its most important features is patented card technology that offers greater security and convenience.
The bank said card skimming fraud was impossible because Bank Zero rejects swipe transactions.
If you try to swipe your card at a payment terminal, you are prompted to tap or dip your card instead.
Fast forward fifteen months after launch, and Bank Zaro maintained an impressive record of no card fraud.
Bank Zero CEO Yatin Narsai said there had been many fraudulent attempts on customers’ cards, but their unique security features have stopped all attempted card breaches.
“Bank Zero has a registered patent which prevents card skimming. We have designed our banking platform such that it blocks all attempts at online card fraud,” he explained.
Bank Zero chair Michael Jordaan added that many South Africans had been victims of someone fraudulently taking money from their bank account.
The fraud includes someone using your stolen card details online or someone skimming your card and using those details at a card machine.
Bank Zero has unique protection against card skimming and fraudulent online transactions, which is why it has been able to keep a clean sheet since its launch.
How Bank Zero protects its customers
Narsai explained the simple yet unique innovations which continue to prevent Bank Zero customers from being impacted.
Card skimming happens when criminals use a special device which copy the card info stored in the magstripe.
These devices are found at tollgates, as attachments to ATMs, or at a store where they insist on handling your card themselves.
It is quick to copy the needed info, and within a few hours, your card information is circulated globally and can be used in fake cards across the world.
Typically, the first time you become aware of the fraud is when you receive a real-time notification of “your card” being used.
You can typically claim the money back from your bank, but it involves heaps of paperwork, cancelling your current card, and issuing a new card with new numbers.
With Bank Zero, you’ll still receive a notification, but it’ll always show a declined transaction. There’s nothing you have to do. “The Bank Zero patent will ensure your money is safe,” Narsai said.
To further protect against online fraud, Bank Zero has implemented a special security system which requires your authorisation for every online card transaction.