The recent spate of high-profile SIM swap fraud cases has prompted MTN and Absa executives to set up a task team to figure out ways to combat the problem.
This team has initiated security measures to protect MTN customers, such as an improved authentication process when carrying out a SIM swap.
In future, this will include a SIM swap delay until the legitimate customer has confirmed the request via SMS. A dual authorisation process is also being investigated.
The team will meet weekly to use the opportunity to gauge success, and identify further improvements required.
Adrian Vermooten, head of digital channels and payments at Absa, says the bank treats fraud committed on its customers’ accounts as a matter of high priority, and is working with the stakeholders to clamp down on this method of fraud.
“We are working with MTN and the South African Banking Risk Information Centre (SABRIC) to ensure that the systems and security are comprehensive and robust. Collaborating with MTN on reaching a joint solution has allowed us to tighten the screws on this method of e-crime,” says Vermooten.
This team has initiated security measures to protect MTN customers, such as an improved authentication process when carrying out a SIM swap.
In future, this will include a SIM swap delay until the legitimate customer has confirmed the request via SMS. A dual authorisation process is also being investigated.
The team will meet weekly to use the opportunity to gauge success, and identify further improvements required.
Adrian Vermooten, head of digital channels and payments at Absa, says the bank treats fraud committed on its customers’ accounts as a matter of high priority, and is working with the stakeholders to clamp down on this method of fraud.
“We are working with MTN and the South African Banking Risk Information Centre (SABRIC) to ensure that the systems and security are comprehensive and robust. Collaborating with MTN on reaching a joint solution has allowed us to tighten the screws on this method of e-crime,” says Vermooten.