Absa has started rolling out SureCheck 2.0, its new transaction verification system, to clients who use its mobile app.
“This helps to prevent SIM-swap fraud,” said Absa.
This follows the bank recently informing clients it would upgrade security for its online banking customers.
Where the bank used to send SureCheck requests to your phone using USSD, and SMS before that, it now uses its app to allow you to verify transactions.
This is because USSD and SMS authentication systems are linked to your phone number, making them susceptible to fraudulent SIM swaps.
Absa is not the only bank shifting away from authentication mechanisms linked to cellphone numbers. In 2016, FNB released an update for its smartphone app that replaced its SMS-based authentication system.
This is despite South Africa’s mobile operators rolling out systems which let banks check whether a SIM swap has recently taken place on a particular number before authorising a transaction.
According to Absa, clients will not need to re-register to use SureCheck 2.0 and it emphasised that none of their credentials will change.
SureCheck is triggered when clients perform any of the following actions:
- About to make a payment
- Create a new beneficiary
- Set up a recurring payment
- Add a new operator
- Change your notification details
- Update your daily limits
The screenshots below illustrate how SureCheck 2.0 works.