MTN, ABSA client loses R360,000 in SIM swap fraud

The latest victim of SIM swap fraud is Media24 CEO Esmare Weideman, who lost R360,000 over the weekend. Like many other SIM swap fraud victims, Weideman is an ABSA and MTN client.

Fin24 reported that R1.5 million was transferred from Weideman’s home loan to her cheque account without her knowledge.

“Before Absa could freeze her account, smaller amounts to a total of R360,000 were transferred to an account in the name of Badiba Madiba,” Fin24 reported.

Die Burger reported that Weideman was told by MTN on Monday that nothing was wrong with her account after her SIM stopped working. However, later that day ABSA called her to alert her to fraud on her account.

Numerous consumers have reported similar incidents; many are MTN and ABSA customers. Some of them raised concerns that ABSA employees may be involved in the scams.

ABSA was asked whether they can discount that weaknesses within ABSA may be providing fraudsters access to Internet banking accounts, but the company is mum on the issue.

Eddie Moyce, Chief Customer Experience Officer at MTN SA, said they are disturbed by the current increase in fraudulent cases and are working tirelessly with relevant authorities to clamp down the fraud.

“Fraud on customers’ bank accounts has become very sophisticated. This fraud involves a fraudster obtaining a customer’s bank account/card number, the customer’s PIN and passwords,” said Moyce.

“We are not sure as to how fraudsters obtain this information but we understand that they also do so through phishing.”

More about SIM swap fraud

SIM swap banking scam: what you should know

How scammers hack your bank account

R159,000 stolen in MTN SIM swap scam

R97,000 SIM swap scam: MTN denies liability

Warning! SIM swap fraud on the rise

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MTN, ABSA client loses R360,000 in SIM swap fraud