Loading ...Vodacom clarifies 99c prepaid deal
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SMS bank fraud "extremely uncommon"
| Rudolph Muller | July 14, 2009 | No comments |
Rudolph Muller
Rudolph Muller is the editor at MyBroadband and covers telecoms and broadband news. Rudolph comes from an academic background, but left the University of...
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Using SMS notifications that banks send to their customers to commit fraud is "extremely uncommon"
Using SMS notifications that banks send to their customers to commit fraud is “extremely uncommon”, according to the SA Banking Risk Information Centre.
“A crime of this nature is extremely uncommon and it is through the co-operation of cellular phone providers that it was detected and addressed speedily,” Sabric’s head of commercial crime Susan Coetsee said in a statement.
She was responding to an article in The Citizen detailing the arrest of two people, one an engineer at Vodacom, last week.
They allegedly intercepted text messages sent by banks to their customers’ cellphones to obtain bank account numbers, which they would then use to withdraw money from accounts.
Police also confiscated Absa, Nedbank, Standard Bank and FNB cards from the alleged fraudsters. All the victims were Vodacom network users.
Police believed the pair worked with bank employees who told them which accounts to target.
In one instance they allegedly opened a trust account at Nedbank and got away with R2.4 million.
Sabric was confident that the country’s banking systems were secure.
SMS bank fraud discussion
