Internet bank fraud affects few: Absa

[jes]

Internet bank fraud affects few: Absa

Although small, the number of defrauded customers is still unacceptable, according to Absa’s head of digital channels and payments

 

[HavocXphere]

A small number of customers had their lives ruined.
--ABSA

 

[mk1]

And this is why ABSA was selected as SA's worst bank....

 

[j4ck455]

“There’s a lot positive energy between stakeholders to get this number [highlight]down even further[/highlight],” Vermooten said.

Incorrect you are Mr Vermooten: before you can use the words "down even further" you would have had to have already reduced SIM swap Internet Banking fraud instead of allowing a 900% increase in such fraud incidents.

 

[Beri]

Tell that to the people that got their money stolen.

 

[Zenbaas]

Frankly their comments are a bit ridiculous. Bloody BlAbsa.....

 

[RichardG]

Tell that to the people that got their money stolen.

Agreed did they ever reimburse them. Majority have lost their whole entire life savings or even worst their bond money fully withdrawn. Banks don't have remorse, they just love taken, taken, taken, then they will blame you for exposing personal details.

Internet banking should be tighten issue everyone with a dongle, if doing large sum payments let the system contact you, answer a few questions, then a recording, if everything checks out then proceed with payment, have an extra layer of security.

I am not gullible/naive but have had a few calls I just ignore them. I insist give me your employee number, etc and they refuse.

 

[borga]

If they were serious about preventing this kind of fraud, the bank would provide a list of list of their customers mobile numbers at that cell provider to the cell provider and the provider could provide notice of any sim swops to the bank, the bank could then initiate a high risk period monitor on the account for say a week proactively monitoring abnormal activity (payments outside normal period, new beneficiaries created ect). This period would only need to last a week or so, since if any fraud swap took place the client would have known about it by then since their sim wouldn't have worked for the week.

However the banks have little intent to do what it takes to prevent fraud like this, even now there intent is just to reduce it to acceptable level so that the issues falls from the front pages.