In this Investec What’s Next in Business Banking interview, Investec’s Kevin Hogan and Thivian Moodley discuss the importance of security in business banking.

Hogan is the Head of Fraud Risk at Investec. He has worked in the banking industry for 21 years — first as a credit analyst at Nedbank and then as part of the first retail banking fraud prevention team, which he led until 2009.

Moodley is the Head of Product and Development for Investec Bank’s Transactional Products and Solutions, and Client Value Proposition segments. He leads the team responsible for building and launching the Investec Business Transactional Banking platform for business and corporate clients.

Hogan begins the interview by discussing the changing cybersecurity landscape and which threats are particularly prominent at the moment.

Moodley then explains how Investec implements security measures into its business banking products, noting how it approaches the challenge of balancing security with a great customer experience.

Hogan also discusses which security tools are indispensable for business banking, while Moodley explains how smaller businesses can protect themselves without the huge budgets of a large enterprise.

Moodley then discusses the key focus areas that Invested Business Banking is examining right now, particularly in the mid-market segment.

He touches on the PayShap rapid payments programme RPP and its security benefits — including reducing the amount of physical cash South Africans use and more secure payment authorisations.

Hogan concludes the interview by explaining the importance of customer education, noting that modern threats are still underpinned by the same fundamental premise – social engineering.

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