And that will solve SIM swap fraud how? And prevent the One Time Pin being sent to that fraudulently acquired SIM how?I would use an encryption software like bit locker for the sim cards. Or something similar. OR put a smart chip in everyones wrist!
SIM cards already have encryption, that is not the problem. Criminals don't hack the SIM or access sensitive data on the SIM. The problem is that banks don't all detect SIM swaps.I would use an encryption software like bit locker for the sim cards. Or something similar. OR put a smart chip in everyones wrist!
The app use TOTP+HOTP, its just in the background. When it asks you for a pin on transaction it sends the OTP to via HTTPS instead of letting you type it in on the ste. You can see this in action when you have no internet on your phone and have to generate the code.Firstly I am with Capitec Bank and Telkom Mobile. I have not had any problems with either.
I use the banking app which does not use OTP or sms verification.
But if I do realise something is up I would contact my bank imidiately. They are very helpfull and I am sure they will be able to reverse any fruadulent transactions.