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Johannesburg - Nedbank (NED) has joined the country's other major banks in assuring clients that internet banking remains secure.
However, it cautioned clients against using public terminals, especially internet cafes, for internet banking.
The statement comes in the wake of fresh reports of attacks on bank accounts by hackers.
However, the country's major banks insist online banking still is safe.
Nedbank's head of virtual channels, Maire Eltringham, said: "Internet banking is still secure - it is the security of the computers in public places that has potentially been compromised.
Sophisticated equipment
"Criminals are using sophisticated equipment like spyware or key logging devices to retrieve personal information like login information and passwords to gain access to the client's account and transfer funds.
"There is a syndicate targeting clients that do online banking, and all banking clients are vulnerable.
"Fortunately, Nedbank's internet banking security has not been breached to the extent that the some of the other banks have.
"This is possibly due to the additional security that Nedbank's internet banking service offers," said Eltringham.
According to him, payments to third-party accounts that are not pre-registered on a customer's profile require additional security by means of SMS authorisation where a unique reference number is sent to the client's cellphone before the payment can be made.
This second-level authorisation provides an additional layer of security that further protects the customer.
Eltringham said: "The additional layer of security on Nedbank's internet banking provides additional protection for clients from such syndicates.
SMS feature
"Because the SMS feature operates independently of the client's computer, it is unlikely that the once-off unique reference number can be compromised by fraudsters using key logging software.
"Nedbank's approach to internet banking aligns with best practice as described by industry experts.
"Nedbank will continue to monitor developments in the online environment with a view to anticipating new risks and introducing additional security measures for the benefit of its clients," said Eltringham.