Glossary

AER

The Annual Equivalent Rate illustrates the interest rate if it was paid and compounded each year. It is a notional rate which illustrates the contractual interest rate (excluding any bonus payable) as if paid and compounded on an annual basis. So it’s a notional rate which illustrates what the gross rate would be if interest were paid and compounded each year.

Antivirus software

Software that detects and removes computer viruses.

Browser

A programme that allows a user to find, view, hear and interact with material on the web. Microsoft Internet Explorer and Firefox are examples of popular browsers.

Encryption

A way to make data unreadable to everyone except the recipient of a message. Encryption is often used to make the transmission of credit card numbers secure for those who are shopping on the internet.

Firewall

Hardware or software that enforces security on your computer or system. It's like a locked door preventing dangerous material from getting into the room.

Gross Rate

The pre-tax, contractual rate of interest payable before the deduction of income tax at the rate specified by the applicable laws. So it’s the interest rate payable before the deduction of tax applicable to interest on savings.

Hacker

Someone who tries to get access to a computer system without authorisation.

Homepage

The first page on a website, which introduces the site.

Hardware

The mechanical devices that make up a computer system, such as the central processing unit, monitor, keyboard and mouse, as well as other equipment like printers and speakers.

ISP (Internet Service Provider)

A company that sells direct access to the internet, either through a broadband connection or dial up.

Identity theft (ID Theft)

A criminal activity where a thief steals vital information such as your name, birth date, account number or credit card number without your knowledge.

Keystroke logger

Hardware device or a software program that records each keystroke made on a particular computer. Marketed as a way for parents to monitor their children's activities on a computer, keystroke loggers are sometimes downloaded unwittingly by users. The keystroke logger then records the keystrokes and periodically uploads the information over the internet. See also ‘Spyware’ and ‘Trojan horse’.

Link

A word, phrase or image highlighted in a document to get someone from one place to another – typically on the internet, but also within a document.

Mule

A mule is an unwitting participant in the frauds who is recruited by fraudsters to launder stolen money across the globe.

Net Rate

The rate of interest payable after the deduction of income tax at the specified rate. So it’s the interest rate payable after the deduction of tax applicable to interest. Higher-rate taxpayers will have an additional liability.

Operating system

The main programme that runs on a computer. An operating system allows other software to run and prevents unauthorised users from accessing the system. Major operating systems include Vista, XP or MAC OS X.

Patch

A software update meant to fix problems with a computer programme. This can range from fixing bugs, to replacing graphics or improving the usability or performance of a previous version.

Pharming

The criminal process of electronically gathering and selling the personal and financial information of multiple users through the use of phishing (see below).

Phishing

An online identity theft scam. Typically, criminals send emails that look like they're from legitimate sources, but are not. The fake messages generally include a link to phoney or spoof websites where victims are asked to provide sensitive personal information. The information goes to criminals rather than the legitimate business. See also ‘spoofing’.

Pop-up ads (Pop-ups)

Unsolicited advertising that appears as a ‘pop-up’ window on a computer screen. Sometimes these can be created to look like a financial institution's request for personal information.

Privacy policy

The policy under which a company operating a website handles the personal information collected from visitors to the site.

Secure Socket Layer (SSL)

SSL technology encodes information that is sent over the internet, helping to ensure that the information remains confidential.

Service Pack

A software programme that corrects known bugs or problems, or adds new features to a software programme already installed on your computer.

Skimming

Is a method of capturing information contained in the magnetic strip of a card through a skimmer to be stored on an attached computer. This information is then used for online shopping or to make counterfeit credit cards.

Software

A computer programme that enables computer hardware to work.

Software update

Software installed that’s designed to enhance or repair a previously installed computer programme.

Spam

Unsolicited junk email sent to large numbers of people to promote products or services.

Spoofing

An online identity theft scam. Typically, criminals send emails that look like they're from legitimate sources, but are not (see also ‘phishing’). The fake messages generally include a link to phoney or spoof websites where victims are asked to provide sensitive personal information. The information goes to criminals rather than the legitimate business. See also ‘phishing’.

Spyware

A programme that’s loaded onto your computer without your knowledge. These programmes gather information from your computer activities and send them to an unknown source. If these programs often try to capture financial information that can be used to commit fraud.

Tax-free rate

The contractual rate of interest payable where interest is exempt from income tax. For residents whose income is below their annual tax-free income limit, tax exemptions can be obtained by submitting a R85 form from HM Revenue and Customs.

Trojan horse

An apparently legitimate software that appears to perform a desirable function but instead allows unauthorised access to your computer. See also ‘Spyware’.

Virus

A programme that’s loaded onto your computer without your knowledge. Viruses can make copies of themselves, quickly using up all available memory. Some viruses can transmit themselves across networks.

Vishing

Vishing is a combination of Voice over Internet Protocol (VoIP) and Phishing. Fraudsters feigning to represent real companies, such as a bank, call customers to provide personal details over phone.

Worm

Typically, a malicious programme that reproduces itself over a network and uses up computer resources or shuts down the system.