ABSA responds to SIM swap fraud reports

Who are the ABSA PR Malema?

They better inspect the livelihood of all their employees whether it is relative to their income.
 
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Can't a Cyber Security Company test all the banks systems and rate them in terms of security.

If a 3rd unbiased party can tell us that their systems is secure it will be more believable than an bank employee.
 
Beri said:
What he is saying is that they will do everything to prove they are not responsible. But will do nothing to make sure it does not happen again.
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We're passing the buck a bit too unevenly here. Sure ABSA should move away from SMS verification, but these users are still to blame for clicking on dodgy links.
 
Beri said:
What he is saying is that they will do everything to prove they are not responsible. But will do nothing to make sure it does not happen again.
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+1 ABSAlutely right on the money.
 
fish_man said:
Can't a Cyber Security Company test all the banks systems and rate them in terms of security.
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There are security audits done. But unless you employ a full time red team or have an security audit every 6 months you are facing a high probability that you would fall behind in the latest exploitation techniques.

They look after profit first ;)

This way of fraud is nothing new and there are new methods already out there that makes a sim-swap look petty and juvenile.
 
Coincidence...seems rather unlikely from a statistically PoV...

eCliPSe said:
There are security audits done. But unless you employ a full time red team or have an security audit every 6 months you are facing a high probability that you would fall behind in the latest exploitation techniques.
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I doubt the flaw is that cutting edge. Hell we had a guy here 2 weeks ago who claimed ABSA doesn't even shred their waste paper & people wait outside for it to rummage around it.

They make millions in profit...so a couple of okes have their lives ruined...I doubt shareholders care.
 
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Any chance of upgrading security (token generator etc) to stop phishing attempts being so effective with their systems???
 
2012 said:
That is why you have a password... but apparently that's also insecure
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Indeed, it's a rather weak form of access control. I can think of half a dozen ways of getting your passwords.
 
Pure coincidence??? LOL whatever ABSA.... Fix your issues or loose clients.
 
2012 said:
That is why you have a password... but apparently that's also insecure
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and a OTP via cell, therefore the sim swap requirement. There is only one way this could happen and that is via syndicate insider contacts at ABSA and the cell centres.
 
Banks should offer dongle thingamabobs to customers who want one. Even at a once off fee.
 
biometrics said:
Indeed, it's a rather weak form of access control. I can think of half a dozen ways of getting your passwords.
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How?

Phishing
Trojan horse malware
ISP based DNS cache poisoning and redirection to other sites.

ABSA has a Sure Phrase they use whenever you log on to their site. A Phished site, will not contain that.
 
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