Internet banking fraud scammer trick warning

The first thing which typically happens, said Vermooten, is that an Internet banking client falls for a phishing attack. This gives the scammer access to a client’s Internet banking details, including their username and password.
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To find a victim’s mobile number is easy, said Vermooten. A good search typically does the trick, and if that is not successful social media is another great tool.
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I have not used ABSA's Internet Banking for many years but I would have thought that the fraudster who allegedly already has the victim's IB username and password, could simply view the IB page where one would normally update one's address and contact details as well as SMS alerts, to find the victim's cellphone number.
 
Species8472 said:
Here are some tricks to protect yourself against SIM swap fraud:
1: Open a Capitec account
2: Have Capitec transfer all your debit orders to your new account
3: Close your unsafe "sms protected" account (absa, fnb, std, ned)
4: If you need a credit card get a Virgin money card for free
5: Stop living in fear of being defrauded by the likes of absa
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+ 1

And if that's not enough motivation, also consider that Capitec gives you 4.25 - 5% interest on what is basically a day-to-day account, with low banking costs and free internet banking. Plus, your global one card is basically a debit card with "credit card type functionality", which comes in handy for stuff like online purchases or other instances where a credit card number is required.

It's relatively safe too. They give you a choice of a key-ring token or an app. And, it's simple as heck to manage.
 
Another method is for the scammers to call the victim before the SIM swap, saying that they are from Vodacom, and alerting them that some testing is done on their number
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Just another reason why I block unknown numbers.

Slightly off topic, but I report all fraudulent SMS messages to Vodacom and in all cases where Vodacom numbers are involved they blacklist the subscriber.

Please report any hoax or scam SMS that involved Vodacom numbers here : https://help.vodacom.co.za/portal/e...=main_fraud&category=Hoax&sub_category=Report
 
j4ck455 said:
You clearly spend a lot of time on your hands, maybe we can all forward the dodgy SMSes we receive to you and you can report them for us.
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If you don't have time to report criminals then you silently condone what they are doing. Welcome to being a part of the problem.
 
visrot said:
It seems like the main problem is the power of rogue employees. Would the following be possible to implement?

  1. Passwords and pincodes not be visible to bank employees
  2. To reset these parameters the client will need his/her bank card for verification

Sim swaps will render useless if fraudsters don't have access to pin and password. The client should then have control in keeping it secure
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:erm: I'm sure your passwords/PIN are not visible to employees.
 
visrot said:
Interest on these are too high
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It depends on what product you have and what you use it for. Your question was what about overdraft?

As far as I understand it overdraft varies very widely, some banks levy a penalty the moment you use it, others do not. Some banks have insane interest on it, others offer it almost for free.

So yes, you cannot really compare overdraft with credit cards. However, if you intention is to have a "safety net" in place a Virgin Money credit card is perfect. It has zero banking fees as long as you are in the green (mine sat in my drawer for 3 years without costing me a cent). You have 25 days to settle your account before interest is levied.

Woolies and Discovery have their own costs but also benefits, so it is up to you to decide if it is worth it for you.

If you are always "living in your overdraft" then a credit card will probably be more expensive yes.
 
We need to blame the client!!!!!! If we do, we will save ourselves millions of Rands!!! It's those fuc**p clients with s**t computers who falls prey to scammers! Yes, all our clients are stupids who falls for phishing scams every time they receive an email.

Best Regards

Absa
 
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