I cannot remember the last time my FNB made use of an OTP ??
I recently started using ABSA as well on behalf of my dad, and no OTP's used for any transactions thus far either.
Unless I misunderstand what's happening with SIM swaps and bank fraud?
Because the majority of the client masses still don't have access to smartphone and USSD is probably going to stick around for a bit longer. Most banks are pushing to make their mobile apps a lot less requirement heavy whilst bolstering security to encourage the behaviour to move away from USSD and OTP.
From experience, the biggest contributor to SIM fraud and any other bank fraud is down to negligence and lack of education. You will be surprised how many people will willingly give over their private information to someone who calls and claims to be from their bank or MNO.
These fraudsters are also quite savvy as they can give the impression that they are legit based on whatever information they have about you (ID number, email, who you bank with etc.) And depending on the type of fraud they are committing and the details they have obtained about you and from you, they can go and do a SIM swop (which is too easy in this country) and start emptying your accounts.
The important thing to know here is that these guys need recipient accounts in order to transfer the proceeds. So if you can pick up very quickly that something is wrong and report it, you stand an excellent chance to recover something.
The safeguarding of bank statements, invoices, your credit bureau info is so important as this what these guys use to fool and bait people into being negligent.
How they are able to access this kind of data is a conversation for another day and one that I don't have the answer to. But with data breaches at places like
Experian, you can rest assured that more and more people will continue to be defrauded in this way.