Big ABSA Internet banking security concerns

rpm said:
Serious ABSA Internet banking security concerns

ABSA mum on whether their employees or systems are to blame for fraudsters stealing thousands from their Internet banking customers
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I think the fact that both MTN and ABSA do not pro-actively communicate and show they are serious about the problem is good enough reason not to trust them. Even if all of this turns out to be not either MTN or ABSA's problem.

Pro-actively communicating will cost them nothing and builds credibility.

I bet if something like this happened with FNB and it starts appearing in the media Michael Jordaan & RB Jacobs will be on twitter pronto. Whether or not the money is returned or not - it is the communication around the issue makes the difference.

As it stands it is obvious that MTN & ABSA think their customers are there to serve them, and not the other way around.
 
It is time for the SA consumer to stand up.
MTN already lost 470000 customers in the last quarter (me included).
It would be interesting to see whether ABSA too is going to take a beating.
 
Any bank that allows you to move R360 000.00 BEFORE freezing your account because they SUSPECT something might be wrong is doing you a disservice.

If I was an ABSA client, I would move away from them.

It really cannot be possible and reasonable that neither ABSA nor MTN can explain what happened in detail and trace where the funds are now. Even if they need to get a court order and Police to assist, find out what account the funds went to. Oh, the account was never Fica'd... well then take it up with the consultant at the bank that opened the account! Surely someone, somewhere is responsible. Their software should not allow bank accounts to be opened without proof of address and ID documentation.

No more excuses MTN and ABSA, you will need to prove to SA that you care about your customers.
 
MTN is ridiculously expensive along with ABSA and their ridiculous charges. MTN has lost 470000 customers because of this but ABSA remains quiet about how many have left the bank already, long before the disappearances happened. Seems like Cell C and FNB are cleaning up as consumers vote with their feet.
 
One or two links (NotifyMe disclaimer and NotifyMe costs) on the ABSA site does not load. Does not instil confidence in their on-line banking services.

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Here is the solution if you not happy with your bank, sleep with your money under the pillow and make sure to have a snake, killer dogs and a tiger in case the criminal does a break-in
 
Thank you for this article. The more people see how pathetic ABSA and MTN is the better.

This is going to hit ABSA and MTN hard... why? because they refuse to do something about it and do not take responsibility.
At the end they will loose their clients.
 
I cannot believe ABSA have said nothing. That's really shocking.

I'll be notifying a good friend of mine about this as he is an MTN - ABSA client.

With regards to MTN - I'm leaving them as soon as my contracts are up - first one is up next month, I'll be canceling that. The other one, I have to wait until next year - but that's okay.
 
This is not the first time that ABSA is getting into trouble and showing total disregard for their clients . I wonder why people are still using them .
 
ABSA and MTN are two organisations I am thankfully no longer involved with - bad experiences with both put me off for life!
 
I think it should be possible that the cell phone providers give live updates of SIM swaps to banks which in turn should result in a freeze of all associated accounts. They are only unfrozen when the person makes a personal appearance at the bank with the appropriate documentation.

How difficult can it be to implement this?
 
how about if they send an sms to the number getting a sim swap? yes, if the sim is broken or lost or not working for some reason it would be a pointless sms. but for those illegal simswaps, it would prevent quite a few. you get an sms saying a sim swap has been done and if it's not you who authorised it, then phone [service provider's] number to block or cancel.

easy as pi.
 
Easter Bunny said:
how about if they send an sms to the number getting a sim swap? yes, if the sim is broken or lost or not working for some reason it would be a pointless sms. but for those illegal simswaps, it would prevent quite a few. you get an sms saying a sim swap has been done and if it's not you who authorised it, then phone [service provider's] number to block or cancel.

easy as pi.
Click to expand...

Um, the phone is not working, so you won't be getting the sms...
 
Ive been wanting for a while now to move my second credit card away from ABSA to FNB (ebuck etc, which I get on my homeloan) and it seems too be a good time now..
 
Of course the people are partly at fault in some of these cases. However, the person sending the phishing attack then goes to an MTN store with the freshly phished info, and does an unauthorised sim swap. The hacker then has all he needs to gain access to the funds. MTN is the final key in the chain here. Without unauthorised SIM swap, your money may have been safer.Honestly, ABSA is least at fault here. They do warn customers of Phishing attacks. They client themselves, along with the Network provider are the key components in these scams. The banks, can however detect the route that the money travelled, the IP location used for the transfer etc, in order to attempt and find the criminal.
 
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