New SIM Swap Bank Fraud – Beware it can happen to you in your sleep

In the past few months, more and more people are becoming victims to what is known as SIM Card / OTP PIN bank fraud. Please have a look at the list below of some people who have been frauded out of a great sum of money:

Note which bank they all belong to

Rob Ermes…………………………..R180,000…………………Cell C………….ABSA
Mary-Anne Hattingh…………………R90,000…………………Cell C………….ABSA
Former ABSA employee……………R346,900……………….Cell C………….ABSA
Esmaré Weideman………………….R360,000……………….MTN……………ABSA
Murray Baxter……………………….R117,000…………………MTN…………..ABSA
Gail Peddie……………………………R67,500…………………MTN…………..ABSA
Susan de Klerk……………………..R159,000………………..MTN……………ABSA
Eugene Malan………………………..R97,000………………..MTN……………ABSA
Marco X……………………………….R50,000…………………MTN……………ABSA
Andro Nel……………………………..R19,150…………………MTN…………..ABSA
K Pillay………………………………..R44,000……………….Not reported…..ABSA
Eben van Heerden…………………R110,000……………….Not reported…..ABSA
Beaulinda Meyering…………………R15,000……………….Vodacom……..ABSA
Gerhard van Vuuren………………..R26,655……………….Vodacom………ABSA

Please feel free to add to this list if you have been a victim. Simply add your name, or initials, amount of money as well as the network operating and the bank name.

How it all works

1. Somebody finds out your banking log-in details either by:
a) Sending you a phishing email (not likely since we know by now and most of us are very careful). We also
have anti-phishing software running on our PCs most of the time.
b) Using stupid passwords (some of us still do this but not likely)
c) This leaves us with the sad part of somebody working inside the bank illegally getting your log in
credentials. Inside jobs are quite common in South Africa. It all boils down to security measures that
the banks take to protect your log-in details. It seems that most of these illegal transfers out of your bank
account happen to ABSA account users.

2. Your OTP (One time pin) is sent to your cellphone number so that you can enter it into your bank
account before the transaction takes effect. Now what these fraudsters do is go to a MTN store and simply
do a SIM swap and on the new SIM card, your number get’s copied. In other words, if they put their phone
on, and log into your bank account, they can do whatever they have full carte blanche with your bank
account and all your hard earned money.

Why out of all the OTP verification banks are some banks more common to this fraud than others? This is what some of our viewers think the problem might be. Remember you have the freedom of speech.

1. The bank does not have proper security measures to keep the users passwords safe and properly encrypted
2. There might perhaps be a backdoor somewhere in the banking system that people have figured out
3. Inside job / the bank attendant is watching as the person enters in their pin

It surely can’t only be blamed on phishing scams as otherwise all banks would have these problems !

How can I protect myself

1. Keep your savings in a closed account that no call-out can be done unless you sign papers inside the bank and takes a little while to get going.

2. Regularly check your bank account and keep up to date with what is going on.

3. Add SMS Alerts to all your transactions – Reporting this straight away can be sorted out in many cases

Disclaimer and Copyright:

The name ABSA, MTN, Vodacom and Cell C are all trademarks and belong to their respective owners. This is a free crime website with many contributors and the owners take no responsibility for what is said on this website.

 

 

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