Mobile banking fraud sees big rise in SA

Bradley Prior

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Mobile banking fraud sees big rise in SA

The South African Banking Risk Information Centre (SABRIC) has released its annual crime statistics for 2018, detailing the prevalence of banking fraud in South Africa.

SABRIC CEO Kalyani Pillay said the organisation was concerned about increases in fraud, especially the prevalence of vishing incidents and online banking fraud.
 

Daruk

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“We have seen a sharp increase in vishing incidents, where criminals phone bank customers, lead them to believe that they are speaking to the bank or a legitimate service provider and use social engineering tactics to manipulate them into disclosing their confidential bank card details, as well as other personal information,” Pillay said,

“A bank will never call you to ask for this information. If you receive such a call, put the phone down immediately,” she said
Banks are indirectly responsible for this one. They should know better than to cold call clients and request the client identify themselves with 101 questions without providing any way for the client to confirm the caller's identity. People become complacent and expect that this is how business is conducted and get caught out.
Most / all banks have an app - they should have the client confirm their identity via 2FA on their mobile app instead - this will give clients some sort of confirmation that it is indeed a call from the bank.
 

IT_Steven

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Most / all banks have an app - they should have the client confirm their identity via 2FA on their mobile app instead - this will give clients some sort of confirmation that it is indeed a call from the bank.
That's a brilliant idea. Patent it ;)
 
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