A forensic investigator has alleged an inside job at First National Bank (FNB) and MTN in a SIM-swap scam that pilfers customers of hundreds of thousands of rands.<\/p>\n
Private consulting forensic scientist, Dr David Klatzow, says his client, Cape Town audiologist Gail Jacklin, lost over R200,000 from the scam earlier this year. Dr Klatzow said his client hasn\u2019t been reimbursed by FNB.<\/p>\n
Dr Klatzow told Fin24 that MTN failed to prevent an unauthorised SIM-swap of Jacklin\u2019s phone, which resulted in fraudsters stealing from her FNB accounts.<\/p>\n
But Dr Klatzow said he knows of at least another 20 cases of the same scam with the same modus operandi, and he has alleged an inside job at both FNB and MTN. Cape Town talk radio station Cape Talk has also reported that a number of its listeners have also reportedly been victims of this scam.<\/p>\n
“The evidence seems to show that there is somebody within the bank and within MTN who has access to your details,\u201d Dr Klatzow told Fin24.<\/p>\n
\u201cAnd what happens is, in many instances, and in my particular client’s instance, her phone went on the blink,\u201d he said.<\/p>\n
Dr Klatzow explained that the scam typically involves a banking customer\u2019s phone becoming inoperable, after which money is stolen from the victim\u2019s bank accounts.<\/p>\n
Dr Klatzow has further alleged that an unknown insider at FNB targets \u201ca certain strata of bank accounts\u201d.<\/p>\n
This insider then allegedly works with somebody at MTN to put a phone \u201con the blink\u201d and thereby arrange for a SIM-swap to aide the crime, explained the investigator.<\/p>\n
Once the SIM-swap has been completed, the scammer can then access sensitive details such as internet banking One Time Pin (OTP) codes to carry out the crime, said Dr Klatzow.<\/p>\n
\u201cOnce they know you’ve got significant funds in there, they target you – that cannot be done without the assistance of the bank,\u201d he told Fin24.<\/p>\n
FNB responds<\/strong><\/p>\n FNB, in its response to Fin24\u2019s query about this alleged scam, did not detail the circumstances around Dr Klatzow\u2019s client\u2019s experience of fraud.<\/p>\n However, the bank, in its response, said that \u201cphishing as a means of fraud has been a problem for many years\u201d.<\/p>\n \u201cWe continually warn and educate our customers to never release their confidential banking information, or to respond to unsolicited email including threats to close their accounts if they do not \u2018update\u2019 their information via a link provided or offers of prizes\/refunds via a link in an email,\u201d said the company.<\/p>\n The bank further urged customers to \u201cprotect their login details at all times\u201d and to contact the bank if their phone suspiciously loses connectivity.<\/p>\n FNB further said that it employs \u201ca robust security framework which is multilayered\u201d.<\/p>\n Fin24 contacted mobile network MTN for a response on Tuesday afternoon, but the company on Wednesday at the time of writing had not yet responded.<\/p>\n Doubts over phishing<\/strong><\/p>\n Dr Klatzow, though, said he doubts FNB\u2019s statement that phishing is to blame in this instance.<\/p>\n “The two companies involved would love you to believe that this is phishing and that people are inadvertently giving out their banking details. That is not so,\u201d said Dr Klatzow.<\/p>\n “Now, there is no way that somebody on a phishing scam could put your phone on the blink,\u201d Dr Klatzow told Fin24.<\/p>\n The forensic investigator further said that if FNB and MTN fail to address the problem, a class action lawsuit could be initiated against the companies.<\/p>\n “It’s got very bad, it’s become chronic and there is a very serious outbreak of this epidemic now. But the banks have known about this and they’ve created a platform which is ultra vulnerable,\u201d said Dr Klatzow.<\/p>\n Fin24<\/a><\/p>\n Beware this banking scam on the rise in South Africa<\/a><\/strong><\/p>\n How to avoid phishing scams this holiday season<\/a><\/strong><\/p>\n Beware these MTN, Vodacom billing scams<\/a><\/strong><\/p>\nMore on scams in SA<\/h3>\n