We use the best industry standards and practices to give you the simplest, safest and most secure experience possible. This is all accomplished by using pin-protected payments, fraud prevention measures, data encryption, account notifications, daily and monthly payment limits and account verification checks that include mobile number verification and 3D secure on your card.
We take security seriously
How does this encryption work? What data are we encrypting?
We encrypt all your bank related data according to the industry’s best encryption standards. That way all this information stays private and safe, only you and your knowledge of your PIN, which is also encrypted, can transfer money through your account.
Why do we use PIN’s & how safe are they?
When registering for your Spot account we ask you to create a unique PIN, much like your ATM PIN, that we use to secure each transaction you make and when you update sensitive areas of your account. For an extra layer of security we hash your PIN before it gets saved to our database so that not even we can see it in its true form.
What notifications, when and why?
We’ll send you transactional notifications to let you know when payments have been made and received. These notifications will be sent to you via email and our mobile app.
As an extra security measure you will also receive an email if you change your card details.
Daily and monthly transaction limits
Why do we have them? What are the limits, how do we change them?
Daily and monthly limits are an additional security measure we put in place to limit the damage should fraudulent activity ever happen. Daily limits are R1 000 and Monthly Limits are R5 000. If you want to increase your limit, you need to contact us directly so that we can verify your identity before approving it.