Ensuring banking is safer and more secure

As cyber threats increase globally, security in banking has never been more important. Although technology has made payments faster and more secure, banks must go further, empowering clients with the tools and protections they need to navigate these risks confidently.

While Discovery Bank has reimagined digital safety with biometric authentication and two-factor authentication security measures, we now also prioritise proactive protection. This includes intelligent fraud warnings, our unique digital account vault and a panic code function for alerting us when clients may be transacting under duress.

Changing security risks needs new safety tools

As digital banking evolves, so do the tactics used by fraudsters. From phishing and impersonation scams to card cloning and social engineering, security threats are becoming increasingly sophisticated and targeted.

Effective banking security must now go beyond firewalls and passwords. It must account for the likelihood of a threat occurring, and its possible impact on a client's finances, safety and overall wellbeing.

To address this, Discovery Bank has identified five main categories of modern retail banking risks that require specific security tools and controls:

1. Unauthorised access to banking profiles

This represents the most fundamental risk. Fraudsters use stolen or compromised credentials to access banking profiles on unauthorised devices, often exploiting weak authentication systems. Because these profiles serve as the digital entry point to services and authorisations, strengthening login security is crucial.

2. Unauthorised access to personal and sensitive information

Social engineering scams and impersonation fraud continue to rise. Criminals pose as banks, tax authorities, or service providers to trick clients into sharing confidential information. Once obtained, this information serves as a gateway for targeted attacks in the other threat categories, making personal information a key vulnerability.

3. Unauthorised access to digital wallets or bank cards

Card fraud and wallet-related scams are accelerating. Fraudsters use stolen or cloned card data, or compromised digital wallet credentials, to initiate unauthorised transactions.

4. Unauthorised access to banking apps on a registered device

While less common, fraudsters can gain physical access to a client's registered device ‒ especially if it lacks basic protections like screen locks or strong passcodes. In South Africa, device-level security is a growing priority in the defence against digital financial crime.

5. Unauthorised access under duress

Though rare, incidents of physical coercion, where clients are forced to complete banking transactions against their will, are on the rise. These cases pose serious risks to personal safety and financial security and require banks to think beyond digital defences. Built-in safety functions that help detect and manage transactions made under duress are becoming an essential part of modern banking protection.

Protecting clients in an evolving threat landscape

As banking moves from physical branches to smartphones, security must follow. Discovery Bank has reimagined protection for the digital era, shifting focus from vaults and tellers to real-time client empowerment. In addition to advanced backend fraud monitoring systems, Discovery Bank equips clients with powerful, easy-to-use tools designed to stop fraud before it happens.

Here are five key security features tailored to address today's most pressing threats, while ensuring convenience and control stay firmly in the hands of clients:

• Biometric authentication
  Discovery Bank uses live selfie verification when a new device is linked to a client's profile, ensuring that even if credentials are compromised, fraudsters can't gain access. Additionally, unusual transactional behaviour triggers biometric checks on registered devices, providing an extra layer of protection against unauthorised access.
• Persistent fraud warnings
  To help clients avoid social engineering scams, Discovery Bank has built real-time risk warnings in the banking app:
  • The app detects when a user is on a call while banking in the app, triggering alerts to be extra cautious.
  • Persistent banners remind clients to verify the identity of callers before sharing sensitive information.
  • In-app authentication messages now highlight the merchant name and transaction amount for online purchases, enabling informed, secure decision-making.
  
  These timely prompts create crucial moments of pause before potential fraud happens.
• Card and device management
  Clients can create up to 50 virtual cards, manage linked devices and third-party subscriptions, pause or cancel cards, and set tailored spend limits for added security. These functions ensure clients maintain full control over their cards themselves without needing to reach out to Discovery Bank support.
• Digital account vault
  Clients can hide selected accounts behind an additional security layer using a custom security code. Even if a device is compromised, the vaulted accounts remain protected, and the vault must be unlocked each time, providing a strong second line of defence for sensitive financial information.
• Panic code
  Unique to Discovery Bank, the panic code empowers clients to protect themselves when forced to transact under duress. If forced to unhide accounts, clients can enter the panic code instead of their security code. This silently alerts Discovery Bank, triggers real-time fraud monitoring, and can coordinate with law enforcement, including dispatching armed response if necessary.

Accessing essential emergency services

The Discovery Bank app has become the main digital touchpoint for Discovery clients, offering a single, convenient entry point into the broader Discovery ecosystem. Recognising this, we've expanded its role to serve as a gateway to critical emergency support through Discovery 911.

Clients can now access a range of emergency services ensuring help is always just a tap away. Whether it's a medical crisis, a roadside issue, or a home emergency, assistance is now faster, simpler and more accessible than ever.

Discovery 911 offers clients a range of emergency services:

• Request an ambulance: A Discovery 911 consultant will call the client back to understand their medical emergency and may dispatch an ambulance or trained medical professional.
• International medical emergency: Clients can connect with Medical Services International while travelling abroad if they have a medical emergency.
• Roadside Assist (coming soon): Clients can get help on the road with services like locksmiths, car battery jump-starts and tyre changes.
• Home Assist (coming soon): Clients can access trusted professionals such as plumbers, electricians and locksmiths for urgent home repairs and support.

In conclusion, as the digital landscape continues to evolve, so do the threats we face. Discovery Bank will stay ahead of these threats by providing innovative security solutions that empower our clients to bank with confidence. By leveraging these advanced tools and staying vigilant, clients can help ensure their financial safety and enjoy a seamless banking experience.

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