Absa has stated that mobile operators need to have more secure systems to prevent fraudulent SIM swaps.
The bank made the statement to MyBroadband as part of its comment on SIM-swap fraud perpetrated against Piet Malan.
Malan had R249,000 stolen from his Absa bank account as a result of SIM-swap fraud.
“Absa continuously updates and invests heavily in a comprehensive and robust suite of information protection measures and the latest technology available in the market to ensure the prevention of cyber hacking,” it said.
“It is important to note that clients also have a duty to protect their own security information, such as passwords and PINs, as well as IT equipment they use to access their account,” said Absa.
This “IT equipment” includes computers and mobile phones.
It also requires other institutions – such as mobile networks – to have similarly secure systems, said Absa.
“These institutions include mobile phone companies, where criminals sometimes swap the SIM cards of clients without their knowledge and then proceed to steal from customer bank accounts.”