Absa has informed clients that it will upgrade its security in the coming weeks to make online banking “even safer.”
It stated that users do not need to re-register, and that none of their login details or other credentials will change.
“Cybercriminals employ increasingly sophisticated methods to access customer Internet banking information through email phishing, SIM swaps, and other methods,” said Absa’s chief executive for customer channels Marius de la Rey.
De la Rey told MyBroadband that Absa has invested heavily in a comprehensive and robust suite of information protection measures. It is also rolling out enhanced security to its customers using smartphones to transact, he said.
Further details about the security upgrades are expected to be revealed in the coming weeks.
“Cybercrime is an industry-wide issue that can only be successfully minimised through vigilance by banks, cellphone providers, and customers alike,” said de la Rey.
Guarding against SIM-swap fraud
Online banking attacks using SIM-swap fraud and phishing are a problem for local banks and network operators, with the South African Banking Risk Information Centre (Sabric) warning that fraudsters have started using more direct forms of social engineering to attack victims.
Dubbed vishing, Sabric said that instead of only sending phishing emails, attackers now phone victims and try to trick them into giving up their private information.
“If you receive a phone call requesting confidential or personal information, do not respond and end the call,” said Sabric.
It warned that if you lose mobile connectivity under circumstances where you are usually connected, you must check whether you have been the victim of a fraudulent SIM swap.
Receiving a one-time-PIN on your phone without conducting any online transactions should also raise red flags.
“Contact your bank immediately to alert them to the possibility that your information may have been compromised,” said Sabric.