Security and financial experts warn of "express kidnappings" as South Africans go cashless

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40 kidnappings a day raise concern over smartphone banking safety

A financial expert has pointed out that the increased use of cellphone-based payments like digital wallets could lead to prolonged hostage situations — ironically due to the additional security measures they provide.

The South African Police Service recently revealed that 3,641 kidnapping cases were reported to its stations between April and June 2023. That works out to 40 kidnappings per day.
 
Article seems to be implying that we better off with cell phone banking and 2fa...

Carrying access to your bank account from a cell phone seems like a risky thing.

Can't the hijacker (who has a gun) just take your phone, do a FORCED face scan/fingerprint and get into your phone and banking app, setup a beneficiary and transfer max from your account with 2fa?

Is there anything you can do to mitigate the above?
 
system32 said:
Article seems to be implying that we better off with cell phone banking and 2fa...

Can't the hijacker (who has a gun) just take your phone, do a FORCED face scan/fingerprint and get into your phone and banking app, setup a beneficiary and transfer max from your account with 2fa?
Click to expand...

Of course they can... If they have physical control of you and your devices, they can do whatever they want basically.
 
system32 said:
Time to delete that banking app...
I'll do my banking with a physical card and on my home PC.
Click to expand...

Good luck...

Last time my phone went *boom* and died, banking for the few days I didn't have a phone was a right royal pain in the arse even though I unlinked the old phone and all that good stuff.
 
system32 said:
Article seems to be implying that we better off with cell phone banking and 2fa...

Carrying access to your bank account from a cell phone seems like a risky thing.

Can't the hijacker (who has a gun) just take your phone, do a FORCED face scan/fingerprint and get into your phone and banking app, setup a beneficiary and transfer max from your account with 2fa?

Is there anything you can do to mitigate the above?
Click to expand...
Yes.
Get certified competent to posses a firearm, buy a firearm and licence it, train and practice often, and carry it.

I'll bet that this would be a non issue if 30% of South Africans are carrying.
 
LCBXX said:
Yes.
Get certified competent to posses a firearm, buy a firearm and licence it, train and practice often, and carry it.

I'll bet that this would be a non issue if 30% of South Africans are carrying.
Click to expand...
That is why we need stand-your-ground law.
 
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Applicable to financial payments as well.
 
system32 said:
Article seems to be implying that we better off with cell phone banking and 2fa...

Carrying access to your bank account from a cell phone seems like a risky thing.

Can't the hijacker (who has a gun) just take your phone, do a FORCED face scan/fingerprint and get into your phone and banking app, setup a beneficiary and transfer max from your account with 2fa?

Is there anything you can do to mitigate the above?
Click to expand...
Wouldn't you rather get it over and done with ?
 
Nerfherder said:
Wouldn't you rather get it over and done with ?
Click to expand...
If I only had a cell phone with no banking access, then the max they could force is the daily withdraw limit at the ATM - R3,000 in my case.

With the banking app, they could transfer 500x that from my mostly paid up bond/access account.
There are limits, but AFAIK you can up these limits using the trusted 2FA.

Am I missing something?
 
system32 said:
If I only had a cell phone with no banking access, then the max they could force is the daily withdraw limit at the ATM - R3,000 in my case.

With the banking app, they could transfer 500x that from my mostly paid up bond/access account.
There are limits, but AFAIK you can up these limits using the trusted 2FA.

Am I missing something?
Click to expand...
Someone is holding a gun to your kids head and you just want to get them back.

I was once hijacked as a student and had nothing to give them, car was so **** they started taking clothes off my back.

Better to be able to give the bastid a few k and then sort it out with insurance later.
 
I never liked the idea of having a banking app on my phone. FNB basically forced me into it telling me if I do not comply, they close the account. It is one of the requirements they said. Also, they no longer sms bank transactions, I have to open my bank app to see them.
 
LCBXX said:
Yes.
Get certified competent to posses a firearm, buy a firearm and licence it, train and practice often, and carry it.

I'll bet that this would be a non issue if 30% of South Africans are carrying.
Click to expand...
I think you mean more people will be targets of firearm theft. Firearms are a top target.
 
Banks must employ AI on all "instant" payments and delay paying across the money to the receiving bank account.

If I suddenly increase EFT limits, do multiple instant EFT's to random bank accounts, it should raise serious flags and stop the money transfer.
 
lkpat said:
I think you mean more people will be targets of firearm theft. Firearms are a top target.
Click to expand...
Wrong.
Criminals are not committing crimes with stolen, licenced, firearms or ammunition.

Quit this defeatist attitude. Get certified and get a licenced firearm ASAP. Don't wait until you become another hapless victim.
 
LCBXX said:
Wrong.
Criminals are not committing crimes with stolen, licenced, firearms or ammunition.

Quit this defeatist attitude. Get certified and get a licenced firearm ASAP. Don't wait until you become another hapless victim.
Click to expand...
Oh right, criminals are manufacturing firearms then? LMAO.
 
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