As the festive season approaches, stokvel members from the capital prepare to access their savings but this joyous occasion also brings with it a heightened risk of theft and fraud.
With stokvels traditionally playing a role in promoting financial discipline, ensuring members’ safety during withdrawals is important.
Unfortunately, criminals are often aware of the substantial cash withdrawals that happen around this time of the year and are ready to take advantage of any lapse in security.
Growth Specialist at FNB Cash Investments Cebile Magongo said one of the best ways to avoid handling large sums of cash is to arrange for electronic fund transfers.
Here are some essential safety tips to help protect your hard-earned stokvel savings during this festive season:
– Instead of withdrawing large amounts of cash, consider transferring each member’s share directly into their personal bank account.
– If a cash withdrawal is necessary, avoid busy or high-risk times such as month-end or just before major holidays when criminal activity peaks.
“It is also advisable to avoid withdrawing money from ATMs late at night or in isolated areas. Select a bank branch or a safe, familiar location during business hours.”
– Instead of withdrawing all the stokvel funds in one go, stagger the withdrawals over a few days or have multiple people involved in the process.
– Never share your withdrawal plans on social media, and avoid discussing your stokvel money in public places.
Magongo said residents must avoid carrying large sums of cash for too long or letting strangers know that they are holding substantial money.
Sinoville CPF spokesperson Lizzet du Plooy said residents must always be vigilant and report suspicious activity to law enforcement.
“Unite with the CPF to enhance our neighbourhood watch initiatives. Let’s actively patrol our streets and report any criminal activity.
“Invest in home security systems and encourage others to do the same. Let’s work together to subsidise security measures for those in need,” said Du Plooy.
She said residents must advocate for more police patrols, especially during the upcoming festive season.
“Let’s ensure a visible presence and swift response to reported incidents.”
According to police, if you need to pay accounts, consider options that are lower risk instead of withdrawing large sums of cash.
Apply the following tips to avoid being a victim:
– Carry as little cash as possible.
– Consider the convenience of paying your bills electronically (consult your bank to find out about available options).
– Consider making use of cellphone banking, internet transfers or ATMs to do your banking.
Tips to avoid becoming a victim of cash robberies:
These tips are especially applicable to small businesses which are cash-based and need to deposit money regularly at the bank.
– Alternate the days and times on which you deposit cash.
– Never make your bank visits public, even to people close to you.
– Do not openly display the money you are depositing while you are standing in the bank queue.
– Avoid carrying money bags, briefcases or openly displaying your deposit receipt book.
– It’s advisable to identify another branch nearby that you can visit to ensure that your banking pattern is not easily recognisable or detected.
– If the amount of cash you are regularly depositing is increasing as your business grows, consider using the services of a cash management company.
– Refrain from giving wages to your contract or casual labourers in full view of the public. Rather make use of wage accounts that can be provided by your bank.
– Refrain from driving to the bank in your company-branded vehicle on a typical ‘payday’
– Consider arranging for electronic transfers of wages to your contract or casual labourers’ personal bank accounts.
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