Internet banking fraud victims lose R73,582 per case, much more than people whose bank apps are taken over

EmmanuelGoldstein said:
They keep getting the experienced devs at my work, with simulated phishing mails
Click to expand...
Its one thing I have learned in IT, is that most Dev's do not understand how computers work. Its not required for their jobs.

Conversely, as an IT professional, I also have very little understanding of how coding actually works.
 
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Sapphiron said:
Its one think I have learned in IT, is that most Dev's do not understand how computers work. Its not required for their jobs.

Conversely, as an IT professional, I also have very little understanding of how coding actually works.
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Yup, about two years ago I asked one of the devs if they knew what was going on regarding the actual stack frame on the CPU.
No cooking clue... none..
All they have is what they were taught in Comp.Sci, that the stack is some abstracted storage object.

The one that gets them, every time, is when you speak of registers. Watch even the hottest developer get confused when you tell them "Ah yes, a byte is 8 flip-flops side by side"
 
With all the KFC... I mean KYC, all that money is still lost.
 
I would like to know how the money vanishes into thin air?
Are banks not required to keep records of every transaction?
so if money moves from account to account, those accounts are traceable to actual persons?

iol.co.za

Retired teacher loses R1.2m in scam, Nedbank responds with R20k 'goodwill' payout

After fraudsters drained over R1 million from her Nedbank accounts, a retired teacher is left fighting for justice as the bank offers a mere R20,000 'goodwill gesture' while pursuing her for debt on the compromised accounts.
iol.co.za iol.co.za

within minutes, R1.2m gone. How?

Surely a withdrawal of such large sum on homeloan takes so processing/ approval time? 900k must raise some sort of alarm
 
dalkill said:
I would like to know how the money vanishes into thin air?
Are banks not required to keep records of every transaction?
so if money moves from account to account, those accounts are traceable to actual persons?

iol.co.za

Retired teacher loses R1.2m in scam, Nedbank responds with R20k 'goodwill' payout

After fraudsters drained over R1 million from her Nedbank accounts, a retired teacher is left fighting for justice as the bank offers a mere R20,000 'goodwill gesture' while pursuing her for debt on the compromised accounts.
iol.co.za iol.co.za

within minutes, R1.2m gone. How?

Surely a withdrawal of such large sum on homeloan takes so processing/ approval time? 900k must raise some sort of alarm
Click to expand...
The modus operandi uses a combination of one-or or many of the following:

1. They make transfers OUT of the bank to another bank so it crosses inter-bank payments systems. Sometimes multiple times.
2. They fund cards and use the money to buy vouchers, airtime or anything else they can on-sell to launder the money offline. Often through multiple retailers.
3. They use cross-border payment systems like Mukuru etc to move the money out either from accounts, cards, cash, airtime etc.
4. They are using multiple and many stolen IDs, stolen account credentials etc. Sometimes you as the victim are simply the transfer point not necessarily phished/hacked to steal money from you but to make you another "hop" in the payment trace.

They also collude with internal banking staff which is a global problem, though technology is making that much less easier these days. Unfortunately as the Bank implement one way of detecting/stopping/tracing things they adapt fast. These are not one-person drive-by's they're syndicates with offices, structure, support staff etc.
 
The banks, or at least employees at the banks are involved.
 
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