Business in brief

Fidelity Bank’s new online security measures 

Fidelity Bank (Cayman) Ltd. is introducing more robust online security features to counteract the increasing incidence of bank fraud in Cayman. Every online transaction that customers initiate will now require a special code. The code will be texted by Fidelity to the customer’s private cell phone on file each time an online transaction is initiated. This way, every transaction will have a unique, randomly generated transaction code that must be entered before Fidelity will process the transaction, and this code will only be available on the customer’s cell phone.  

Chairman Anwer Sunderji said the bank is seeing increasing incidents of “phishing” by unscrupulous people who are using information they illegally obtain to cheat customers.  

“We are confident that the new measures, which include additional security features we are announcing today, will substantially reduce the incidence of online fraud. The new features are effective immediately, and online initiated transactions will only be processed using the texted code,” Mr Sunderji said.  

To sign up for the new features, customers log on to https://www.fidelityonline.ky and follow the steps highlighted on the website.  

“Our customer service people are on standby to assist you in case you have a problem,” Mr. Sunderji said, adding that the security features are free to all customers. 

 

Saxon Investment Club launches 

Dozens of high school students from Cayman Prep and High School, St. Ignatius Catholic and John Gray High School will be spending the next six months trading stocks, managing investments and learning about the financial markets as part of the Saxon Investment Club program for high school and college students. 

The Investment Club aims to help students learn about investing, money, the stock market, the relationship between current events and stock trends, and starting and running a business.  

The learning module began on Oct. 14 and runs until March 31, 2014. 

Students make stock trades using the online investment tool CBS Market Watch to simulate real life trades, starting with a virtual $100,000 of investment capital.  

They work in teams and are supervised by teachers who monitor their learning and progress. Monthly prizes are awarded for top performance, and at the end of the six-month program, a winning team is selected, based on the highest net value of the investments made. 

The program is sponsored by Saxon Insurance and Saxon Pensions, agent for Silver Thatch Pensions. 

“We are hoping that other schools will make this a part of their curriculum or extracurricular activities,” said Saxon CEO Brian Williams. “Every year we are encouraged by the number of students who enthusiastically participate in the program and impressed by their ability to handle the intricacies of the financial markets, noted Saxon CEO Brian Williams. 

“Furthermore, the feedback from students has been tremendous and so we know that it is meeting our goals, which are to ensure our young people gain financial literacy and are motivated to look at this area when they consider their career choices, or envision themselves as young entrepreneurs,” Mr. Williams added. 

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