Standard Bank building system to beat SIM-swap fraud

They will probably let the age of the sim determine the next step.

For eg.
Age of sim less than x hours : do this

Age of sim more than x hours : do that
 
Standard Bank is working on an authentication system that does not use SMS or rely on a mobile number.
Click to expand...

And?

The rest of the article is waffle and doesn't elaborate on the opening paragraph.
 
I wonder what type of research companies put into a concept before trying to implement it.

Do they take the time to read academic articles/research (thesis and other documents), do they thumb suck, or hear about some other company doing it in a other country and try to implement it here?
 
they could just use a number generator that is unique per client ... or use your phone's serial # instead of the SIM ... oh wait another bank already does that and doesn't charge an arm and a leg in fees :p
 
Google Authenticator. I accept cash only.
 
One day, the physical SIM card will disappear.

And then there will be a whole other set of loopholes for fraudsters to probe.
 
Wishful thinking as they still can't figure out a better way to improve in branch service. The ticket system works. But noooo long soul destroying standing lines are better.
 
Would be great if they could use something like google authenticator as a replacement for SMS. Its all fine and dandy that Capitec has a hardware key dongle, but I really don't want to be carrying around a dongle with me to work, on holiday etc.

Understandably, not everyone in their client base will have a smartphone, so provide the customer with the option to fall back to SMS, but explain that google auth would be more secure.
 
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