R200,000 SIM-swap fraud not an inside job: FNB

Lol, so MTN tried to profit from SIM swap fraud!

MTN said it has provided a feature called Subscriber Identity for Third Parties (SIFT) to banks since 2009, which gives banks real-time alerts on changes in SIM card numbers.

MTN said SIFT, originally available at a nominal cost, goes a long way to mitigate bank fraud risk.

“This solution will now be zero rated. MTN hopes that by zero rating this solution it will be widely used by the banking industry.”
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If the banks used this system to block transfers when sims are swapped for say 48 hours it will go a long way to stop this kind of thing.
 
I have been following this on Cape Talk for the last few days. Firstly the FNB spokesperson that was on was totally useless, secondly it does seem to me that it must be an inside job where there is collusion between MTN and FNB. If David Klatzow comes to the same conclusion then it must be highly possible.

And it is not only R200 000, it is cumulatively millions if you go on just the few people that phoned in. The common parties in all the discussions were FNB and MTN.
 
bokka1 said:
I have been following this on Cape Talk for the last few days. Firstly the FNB spokesperson that was on was totally useless, secondly it does seem to me that it must be an inside job where there is collusion between MTN and FNB. If David Klatzow comes to the same conclusion then it must be highly possible.

And it is not only R200 000, it is cumulatively millions if you go on just the few people that phoned in. The common parties in all the discussions were FNB and MTN.
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No I am afraid you are wrong and FNB is right. It's not an inside job. If it was an inside job, FNB would have easily traced the employee who logged into the bank account. I am not saying inside jobs don't happen but they are quickly picked up and identified. In this case, it appears that the client caused his account to be compromised. There is a reciprocal duty on a client to keep his banking details secure. FNB is not accepting liability and I think they are right.
 
cozinsky said:
No I am afraid you are wrong and FNB is right. It's not an inside job. If it was an inside job, FNB would have easily traced the employee who logged into the bank account. I am not saying inside jobs don't happen but they are quickly picked up and identified. In this case, it appears that the client caused his account to be compromised. There is a reciprocal duty on a client to keep his banking details secure. FNB is not accepting liability and I think they are right.
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Maybe employees have a way around the audit trail or FNB are not admitting it for fear they will scare away clients. Were any bank employees found/prosecuted in the Absa cases or even the number of Capitec cases where clients swore they must be inside jobs?

The banks could just identify the culprits, quietly deal with them on the low, agree to refund the clients and no one finds out for non disclosure clauses.
 
biometrics said:
Lol, so MTN tried to profit from SIM swap fraud!



If the banks used this system to block transfers when sims are swapped for say 48 hours it will go a long way to stop this kind of thing.
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That is indeed what Absa did to me last year when i did a sim swap in march on Vodacom.
After the swop i logged into my internet banking thinking nothing about it and was greeted with a message that Absa has detected i performed a Sim Swap recently and my account is soft locked for 36 Hours so i cannot add a new beneficiary but i can only pay existing ones and do inter account transfers and Prepaid purchases etc.
But no settings or detail changes just basic functions.

Guess FNB traded security for profit...
And who the hell still uses OTP's? a USSD Surecheck command is way better and easier, believe capitec and Absa the only ones using this system now instead of SMS's
 
cozinsky said:
No I am afraid you are wrong and FNB is right. It's not an inside job. If it was an inside job, FNB would have easily traced the employee who logged into the bank account. I am not saying inside jobs don't happen but they are quickly picked up and identified. In this case, it appears that the client caused his account to be compromised. There is a reciprocal duty on a client to keep his banking details secure. FNB is not accepting liability and I think they are right.
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You are assuming mass phishing. The bank employee can find suitable candidates for spear phishing. Targeted phishing is much easier ...
 
biometrics said:
You are assuming mass phishing. The bank employee can find suitable candidates for spear phishing. Targeted phishing is much easier ...
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And they could ID marks by simply jotting down their details in the course of day to day transactions. That way it can't be proved they went sniffing when clients wasn't being helped.
 
cozinsky said:
No I am afraid you are wrong and FNB is right. It's not an inside job. If it was an inside job, FNB would have easily traced the employee who logged into the bank account. I am not saying inside jobs don't happen but they are quickly picked up and identified. In this case, it appears that the client caused his account to be compromised. There is a reciprocal duty on a client to keep his banking details secure. FNB is not accepting liability and I think they are right.
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How come they only target people with a lot of money in their accounts?
 
Louis72 said:
That is indeed what Absa did to me last year when i did a sim swap in march on Vodacom.
After the swop i logged into my internet banking thinking nothing about it and was greeted with a message that Absa has detected i performed a Sim Swap recently and my account is soft locked for 36 Hours so i cannot add a new beneficiary but i can only pay existing ones and do inter account transfers and Prepaid purchases etc.
But no settings or detail changes just basic functions.

Guess FNB traded security for profit...
And who the hell still uses OTP's? a USSD Surecheck command is way better and easier, believe capitec and Absa the only ones using this system now instead of SMS's
Click to expand...

Nedbank approve-it was definitely the first to use ussd for approvals in place of otp. Heck I didn't even know the other banks now we're offering this
 
Unfortunately FNB is no longer a technology leading bank.

They just did enough to entice the masses,and have done enough so they still appear as the move innovative bank. But when even Standard Bank has better mobile apps than you, well, you should be worried.
 
whatwhat said:
Unfortunately FNB is no longer a technology leading bank.

They just did enough to entice the masses,and have done enough so they still appear as the move innovative bank. But when even Standard Bank has better mobile apps than you, well, you should be worried.
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There is no doubt that FNB leads the field when it comes to technology. Besides to state that Standard Bank has a better mobile app without substantiating with reasons is meaningless. Have you even compared the two?
 
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