GETTING PERSPECTIVE OF WORLD SAVINGS DAY

MIRRIAM ZIMBA writes@SunZambian THE month of October is usually reserved for the commemoration of the World Savings Day, an annual event that Zambia joins the rest of the world in observing.This week, we begin a series of articles throughout the month of October, with a special focus on the up-coming World Savings Day commemoration.This article […]

GETTING PERSPECTIVE OF WORLD SAVINGS DAY
MIRRIAM ZIMBA writes@SunZambian THE month of October is usually reserved for the commemoration of the World Savings Day, an annual event that Zambia joins the rest of the world in observing.This week, we begin a series of articles throughout the month of October, with a special focus on the up-coming World Savings Day commemoration.This article will introduce to you this global and historic perspective of the World Savings Day and its significance.The World Savings Day is an event to increase the public’s awareness of the importance of savings for both modern economies and for individual alike. Savings is important in the global economy and every depositor contributes to its development. About World Savings DayFor more than 90 years, the World Savings and Retail-Banking Institute (WSBI) and its members have spearheaded annually a day dedicated to promoting the virtue of people saving money. This day is called the World Savings Day. It was first the initiative of the WSBI, the voice of savings and retail banks in close to 80 countries, the day remain relevant for members who engage actively in celebrating their local areas. Why it is ImportantFor Brussels-based WSBI and its members, World Savings Day places added focus on the stabilising role played by savings and retail banking in the overall financial system. It evokes some of the ethos of local banks, households, small and medium sized firms (SMEs) and local authorities. WSBI member banks demonstrate their locally focused approach to banking through World Savings Day activities in the communities they serve. History of The World Savings DayThe World Savings day was established on October 31, 1924, during the first International Savings Bank Congress (World Society of Savings Banks) in Milano, Italy. The Italian professor Filippo Ravizza declared this day the ‘International Savings Days’ on the last day of this Congress.World Savings Day of the World Thrift Day was established to inform people all around the world about the idea of savings their money in a bank rather than the use of unconventional means of savings, such as keeping their money at home.There had been some examples of days that were committed to the idea of saving money to gain a higher standard of life and to secure the economy. For example, the first National Thrift Day was celebrated in 1921.In other countries, such as Germany, peoples’ confidence in savings had to be restored because many people did not even think of saving since they had lost close to everything in the German Monetary Reform of 1923.After the second World War, World Thrift Day continued and reached the peak of its popularity in the years between 1955 and 1970. It became a veritable tradition in certain countries. In Austria, for instance, the official mascot of saving, the so-called ‘Sparefroh’ (literally: ‘Happy Saver’) reached a higher degree of brand awareness than the republic’s President and even a street was named after him. In the 1970s, the ‘Sparefroh-Journal’, an educational magazine for younger people, reached a circulation of 400,000 copies. Village Banking moneyFRAUD PREVENTION TIPS Identity TheftWhat is personal information and what is confidential information?Personal information includes identity documents, driver’s licenses, passports, addresses and contact details, among others.Confidential information includes usernames, passwords, and PIN numbers. MODUS OPERANDIYour personal information can be used by criminals to assume your identity and acquire retail or bank accounts, or even defraud your insurance, medical aid, and Unemployment Insurance Fund. In some instances, they impersonate you, and using social engineering, access your bank accounts and do transactions.As some personal information such as your identity number cannot be changed readily, and other personal information such as your home and work addresses are impractical to change, we recommend that you consider the following precautionary measures when you are required to provide personal information for security verification purposes:Do not use any information that may have been compromised. Rather use other personal information that you have not used previously to confirm your identity in future.Register a new email account.Implement dual authentication for all accounts and products, especially for financial services products.Register for SMS notifications to alert you when products and accounts are accessed.Conduct regular credit checks to verify whether someone has applied for credit using your personal information and if so, advise the credit grantor immediately.Investigate and register for credit related alerts offered by credit bureaus.Check your bank statements regularly. TIPSDo not carry unnecessary personal information in your wallet or purse. Do not disclose personal information such as passwords and PINs when asked to do so by anyone via telephone, fax or even email. Do not write down PINs and passwords and avoid obvious choices like birth dates and first names. Do not use any Personal Identifiable Information (PII) as a password, user ID or personal identification number (PIN). Do not use Internet Cafes or unsecure terminals (hotels, conference centers etc.) to do your banking. Use strong passwords for all your accounts. Change your passwords regularly and never share them with anyone else.Store personal and financial documentation safely. Always lock it away. Keep PIN numbers and passwords confidential. Verify all requests for personal information and only provide these when there is a legitimate reason to do so. To prevent your ID being used to commit fraud if it is ever lost or stolen, alert the authorities. Ensure that you have a robust firewall and install antivirus software to prevent a computer virus sending out personal information from your computer. When destroying personal information, either shred or burn it (do not tear or put it in a garbage or recycling bag). Should your ID or driver’s license bestolen report it to the Zambia Police service immediately. Please share your comments and thoughts via Email: Mirriam.Zimba@baz.co.zm The Sun