Bank Zero goes live with "throttled" launch

Jan

Jan

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Bank Zero is here

Following multiple delays and years of controlled testing, South Africa's newest digital bank, Bank Zero, officially launched to the public on Tuesday.

Access to the app will be "throttled" initially, the bank said, to ensure that staff responsible for verifying FICA documents can keep up with the volumes.
 
Everyones-a-Wally said:
"Card skimming fraud is not possible because Bank Zero said it rejects any swipe transactions. If you try to swipe your card at a payment terminal, you will be prompted to tap or dip your card instead."

That doesn't explain why card skimming is not possible, it explains that card swiping for purchases is not possible. Does the card come with a magstrip? Is there data encoded on it? Can that data be used internationally with online transactions?
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When a transaction is logged through the merchant, the bank can tell whether the transaction originated from tapping, chip and pin, or through a swipe of the magnetic strip. My guess is they simply decline any transaction that is marked as a "swipe" transaction.
 
deweyzeph said:
When a transaction is logged through the merchant, the bank can tell whether the transaction originated from tapping, chip and pin, or through a swipe of the magnetic strip. My guess is they simply decline any transaction that is marked as a "swipe" transaction.
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That could prove problematic for international purchases then... many of them present as "Swipe" transactions from my understanding.
 
ToxicBunny said:
That could prove problematic for international purchases then... many of them present as "Swipe" transactions from my understanding.
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Will be interesting to see how they handle recurring "card not present" international transactions, like Netflix, etc. Very few of these sites even implement "3D Secure", so I think you're right.
 
deweyzeph said:
Sure, but even if someone skims your card they won't be able to do anything with it, so the skimmed card would be useless.
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I'm not following. What prevents the skimmer from using those details for the usual online-type transactions they usually try with skimmed card details?
 
One word bothers me: 'mutual.' I don't like the word. Also, the inactivity fee. I am looking for an extra account to toss some money in and leave for a while. Obviously, with the option to withdraw whenever.
 
saor said:
I'm not following. What prevents the skimmer from using those details for the usual online-type transactions they usually try with skimmed card details?
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"For online purchases, Bank Zero requires that you authorise every transaction in the app."
 
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