SIM-swap scam of R884,000 leaves retired couple in crippling debt

backstreetboy

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Jun 15, 2011
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13,020
For the types of capitec accounts that are being used for this I can be almost 100% sure the sums are way outside the norms and thus should trigger fraud checks
What? They already have 11% of the R10k + segment and that was last year and doesn't include the growth they had since.

CapitecClientOpps.png

Also many people use Capitec for saving large sums of money since they have better interest rates then most of their competition.
 

Oldfut

New Member
Joined
Jan 28, 2018
Messages
3
I know it is anecdotal but talking to three people, including the good wife, who have been scammed, there was an inside person involved in all cases. My guess is that this one is no different. The combination of arrogant banks and cell phone companies is toxic.
 

Milano

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Feb 7, 2004
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11,395
Their fraud department always performs an investigation. But you never see the results. Cos likely 90% lead back to their staff.
 

Milano

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Behaviour on the account that is way out of the ordinary for that account .... it shouldn’t be rocket science for the banks to do
FNB sends me a text to call them on a number not listed anywhere as belonging to their fraud department. Odd for a sector which demands clients be suspicious of everything concerning banking. When I reach them it turns out they are concerned about a suspicious transaction which is a debit order off my credit card for under R100 which has been ongoing every month for 3+ years. Beats me how that flags their system.

Meanwhile ABSA sees no need to call me when my ABSA credit card which I haven't used for 7 months is used to purchase from a Brazilian merchant for R10k+ with no need for a secure code.

Things we take for granted are quite often the equivalent of rocket science for banks.

The best is Deutsche Bank mistakenly transferring R480 billion. More than their market cap. They do not even have systems in place to prevent their own disasters nevermind those of their clients.
 

access

Executive Member
Joined
Mar 17, 2009
Messages
8,421
SIMs should not even be involved in banking security. I want to be able to swap my SIM without blood test if it dies or breaks or gets lost or I need a micro sim because I had a full sim. There needs to be a balance between convenience and security.

I already explained, they draw it cash, from accounts that are bought from poor people. Justice system cannot even prosecute and jail people who have stolen millions. I'd rather they keep murderers and other proper criminals in jail than set them free to make space for the influx of account sellers.

Conclution:
So move to a bank that doesn't use SIMs for 2FA or else you consent to the risk now that you know it exists.
convenience and security dont go so well together imo. cant always have it both ways.

this is the result of allowing us to access our accounts/funds outside of their premises. imo this needs to be prearrange and can only be altered in person at the bank and the sp.
 

supersunbird

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Joined
Oct 1, 2005
Messages
47,632
convenience and security dont go so well together imo. cant always have it both ways.

this is the result of allowing us to access our accounts/funds outside of their premises. imo this needs to be prearrange and can only be altered in person at the bank and the sp.
No thanks, I was happy I didn't have to find a no-service-in-a-year MTN store that would have charged me R50 or whatever (when they get around to helping me) to do a SIM swap to get my microsim, I could could just find an Ackermans and pay 99c and send an SMS or 2 and be done.

Why even involve the SP with your banking? There are other, much safer, methods than SMS/USSD. The only thing SMS can be used for is notifications.
 

Splinter

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Oct 14, 2011
Messages
18,596
The best is Deutsche Bank mistakenly transferring R480 billion. More than their market cap. They do not even have systems in place to prevent their own disasters nevermind those of their clients.
Hey, this is news to me. when did this happen?
 

supersunbird

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Joined
Oct 1, 2005
Messages
47,632
Didn't even know you did. But ok. No problem
To quote myself:

I already explained, they draw it cash, from accounts that are bought from poor people. Justice system cannot even prosecute and jail people who have stolen millions. I'd rather they keep murderers and other proper criminals in jail than set them free to make space for the influx of account sellers.
 

Milano

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Feb 7, 2004
Messages
11,395
Hey, this is news to me. when did this happen?
It happened in March, news only broke this week

https://m.fin24.com/Companies/Financial-Services/bank-admits-it-made-r420bn-transfer-error-20180422

My apologies it was R420 billion

Bank admits it made R420bn transfer error
13:01 22/04/2018

Frankfurt am Main - Germany's biggest lender Deutsche Bank on Friday admitted to a massive erroneous transfer of €28bn (about R420bn) in a routine operation, more than the entire bank is worth.
 
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supersunbird

Honorary Master
Joined
Oct 1, 2005
Messages
47,632
FNB sends me a text to call them on a number not listed anywhere as belonging to their fraud department. Odd for a sector which demands clients be suspicious of everything concerning banking. When I reach them it turns out they are concerned about a suspicious transaction which is a debit order off my credit card for under R100 which has been ongoing every month for 3+ years. Beats me how that flags their system.

Meanwhile ABSA sees no need to call me when my ABSA credit card which I haven't used for 7 months is used to purchase from a Brazilian merchant for R10k+ with no need for a secure code.

Things we take for granted are quite often the equivalent of rocket science for banks.

The best is Deutsche Bank mistakenly transferring R480 billion. More than their market cap. They do not even have systems in place to prevent their own disasters nevermind those of their clients.
LOL, the banks are not even smart enough to stop using SMS 2FA after it's been an issue since 2012 and even earlier, but people here think they will be able to spot possibly fraudulent transfers correctly?
 

ToxicBunny

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Apr 8, 2006
Messages
80,548
LOL, the banks are not even smart enough to stop using SMS 2FA after it's been an issue since 2012 and even earlier, but people here think they will be able to spot possibly fraudulent transfers correctly?
No some people here think they should be able to... and if they can’t they should shoulder some of the responsibility
 
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