Once fraudsters have access to a customer’s cellphone number and personal details, they can pose as the customer and request a new SIM card from the customer’s network provider.
Typically, the SIM swop takes place after fraudsters have received a customer’s internet banking sign-in details following their response to a phishing email or a call. In a SIM swop scam, fraudsters perform a SIM swop without the customer’s knowledge, allowing them to intercept their phone calls and messages, effectively taking over their phone number. On receipt of the instant money voucher the customer is asked to read back the voucher details and pin to authenticate themselves however the details are being used for the fraudster to cash-out the voucher
DIGIME RIPOFF REPORT VERIFICATION
THESE ARE THE TRENDING DIGITAL SCAMS TO BE WARY OF:įraudster call customers pretending to be from the bank and advise that there’s fraud on their account, requesting an instant money voucher to be sent to themselves as a verification process. This is where we want to empower our customers with the knowledge required to avoid getting scammed and falling victims to fraudsters,” says Reddy. “As a bank it is imperative that our customer’s money is physically protected, but it has become equally imperative for it to be protected from a digital perspective. Locally, South Africa has the third highest number of cybercrime victims worldwide, and it’s estimated that it costs R2.2billion a year.
For this reason, banks have become enticing targets for cybercriminals. The banking sector’s most significant security concerns come in the form of online threats, as banks process millions of transactions daily, with the majority of the transactions done through digital payment platforms. This entails a multi-factor authenticator model that leverages something you have, something you know and something you are to verify yourself,” comments Reddy.īanking fraud has become a very lucrative business for online scammers and the banking fraud matters investigated for 2021 alone exceeded R295 million as per the Ombudsman for Banking Services(OBS). “Through the DigiME solution, we are adopting an approach of partnering with our customers to jointly walk this digital journey to help against fraud. It involves a combination of two or more factors to authenticate a customer’s real identity. One such measure is DigiME, an innovative solution designed to ensure that a customer’s digital profile is strong and secure. We continue to drive the message that customers ensure they do not fall into the traps that fraudsters set in the digital sphere,” says Carolina Reddy, Head of Fraud Risk Management at Standard Bank. “As a trusted partner, Standard Bank has various digital security measures in place to help consumers conduct their everyday banking with peace of mind. According to the 2021 Norton Cyber Safety Insights Report, 477 million people globally have fallen victim to cybercrimes, with 328.5 million taking place in the 12 months prior to May 2021.
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