Money going missing is not an anomaly

We are going digital. However, recently, one of the most common excuses has been technical issues, fraud, card scamming, or bank malfunctions. An optimistic understanding of excuses is that they can be applied broadly. Simple apologies and brief explanations can convey a lot while saying little.

Customers may experience a nightmare when their money evaporates into thin air. It's disturbing when someone's money disappears from a bank account or when utility payments are performed, the amount is withdrawn and, at the same time, the consumer receives a message informing failed payment.

I wonder where the money went. I checked with the bank and was informed that the amount was deducted. I checked with the utility charge services and was told the payment failed: “Possibly a technical mistake”. Fortunately, the utility bill did not amount to hundreds, but the savings-investment did.

Interpretation is the process of explaining, reframing, or understanding something. If my money vanishes, I deserve a clear explanation.

For almost two months, the online banking application did not display the actual amount of a portfolio. There were weeks of back-and-forth contact over the matter. How is it possible that thousands of dollars disappeared and nobody in the bank could at first inform and secondly explain what happened, other than to say ‘a technical error’.

The online banking application finally began displaying the correct amount. No further explanation was provided. My financial literacy is modest, but it is sufficient to question irregular situations.

Money going missing is not an anomaly. It is more common worldwide than admitted, especially with savings deposits with banking startups.

Regulatory policy and law enforcement have to be ahead of such situations. It is easy to point the fingers at banking frauds, fake sites, or links when institutions fail to come clean. Hidden charges, start-up vulnerabilities, poor utility payment forms and cash card applications can be disastrous for clients.

The rapid advancement of technology has left many people unprepared. Not only may users lack digital intelligence, but also the result of poor UX (user experience) design in banking, investment and services companies. In a considerably less consequential experience but a common occurrence, ATM/CDM machines fail to operate, as do phone and Internet providers’ box payment machines.

We should approach online banking and service applications that offer prizes, deals and competitions cautiously. Digital fraud and consumer concerns are genuine. Financial scams are on the increase.

Fraud and security issues such as unclear alerts, biometric logins (the finger is the same, but it doesn’t work), phishing attempts, logging and authentication, application stability and technical bugs pose a risk to an uninformed customer. The list is extensive. Although all these incidents can be attributed to customers' supposedly inadequate preparedness for the digital banking system. The disappearance of money demands scrutiny and a formal response.

Another tricky situation is using light grey fonts in online banking applications. Even worse is when an application inserts pages with text in pale font colours, forcing the user to click on a promotional deal to continue using the platform. E-commerce strategies differ from financial services platforms. Digital platforms form the core of digital transformation, with third-party developers creating apps and services for the platform’s owners.

Emphasising security and building trust are fundamental. After all, the banking sector is an important pillar for economic development, as are the telematics boxes for bill payments and transaction processing. Fraudsters are evolving their approach to exploiting vulnerabilities.