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Protect your money this festive season

If you need to pay accounts, consider options that are lower risk instead of withdrawing large sums of cash.

During the festive season many of us carry an excessive amount of money around on us so that we can pay our bills and spoil our loved ones.

Unfortunately, this is also the time when criminals want to score and target those who are not alert.

They come up with all kinds of tricks to rob you of your cash, and every year there is a new trick.

Stay away from the money-making scheme that is Black Friday

Tips to avoid falling victim to robbers

• If you need to pay accounts, consider options that are lower risk instead of withdrawing large sums of cash.

• Carry as little cash as possible.

• Consider the convenience of paying your accounts electronically (consult your bank to find out about other available options).

• Consider making use of cellphone banking or internet transfers or ATMs to do your banking.

Tips to avoid being a victim of cash robberies for businesses

Owners of small cash-based businesses who need to deposit money at the bank on a regular basis should follow these tips to minimise the chances being robbed:

• 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 or 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 regularly deposit 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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