Absa, MTN team to fight SIM-swap fraud
MTN and Absa announced in a press statement today (23 May 2013) that they have formulated a task team that will keep a close eye on fraud and bring about new ways to rapidly clamp down on it.
“This follows an urgent meeting where executives from Absa and MTN discussed the spate of SIM swap fraud cases,” MTN said.
In the future, MTN said it will implement such anti-fraud measures as:
- SIM Swap delay until the legitimate customer has confirmed the request via SMS; and
a dual authorisation process is also being investigated. - According to MTN, the team will be meeting weekly to gauge success and identify further improvement required.
“We are working tirelessly 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 eCrime,” said Absa’s head of digital channels and payments, Adrian Vermooten.
“MTN would like to assure its customers that the matter is being tackled at the highest levels at both organisations,” said Eddie Moyce, customer services executive at MTN. “Their protection is important to us.”
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