{"id":206931,"date":"2017-10-23T15:27:01","date_gmt":"2017-10-23T13:27:01","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=206931"},"modified":"2017-10-23T15:27:01","modified_gmt":"2017-10-23T13:27:01","slug":"absa-introduces-two-factor-authentication-to-combat-sim-swap-fraud","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/mobile\/206931\/absa-introduces-two-factor-authentication-to-combat-sim-swap-fraud\/","title":{"rendered":"Absa introduces two-factor authentication to combat SIM-swap fraud"},"content":{"rendered":"<p>Following reports of continued SIM-swap fraud, Absa has announced that it is changing its verification technology.<\/p>\n<p>In September,\u00a0<a href=\"http:\/\/www.netwerk24.com\/Nuus\/Algemeen\/r13-m-weg-absa-was-grof-nalatig-20170902\" target=\"_blank\" rel=\"noopener\"><strong>Rapport reported<\/strong><\/a>\u00a0that Karen and Johan Holtzhauzen were\u00a0suing Absa for R1.3 million, and interest, after criminals used an illegal Vodacom SIM-swap to steal R1.6 million from their home loan and business accounts.<\/p>\n<p>The incident follows a similar <strong><a href=\"https:\/\/mybroadband.co.za\/news\/cellular\/203052-vodacom-customer-loses-r250000-in-sim-swap-fraud-absa-refuses-to-pay-him-back.html\" target=\"_blank\" rel=\"noopener\">case <\/a><\/strong>in March 2017, where a Vodacom and Absa customer&#8217;s Facebook post went viral after he claimed that he was defrauded of more than R260,000.<\/p>\n<p>At the time,\u00a0Absa said it will stick with transaction verification technology that remains linked to cellphones and SIM cards, called SureCheck, which sends clients a USSD pop-up prompting them to accept or reject a transaction.<\/p>\n<p><strong>New changes<\/strong><\/p>\n<p>In a statement seen by BusinessTech, Absa said it was taking a big leap forward in helping its customers bank more securely and combat SIM-swap fraud, with the introduction of Two-Factor Authentication (2FA).<\/p>\n<p>2FA will now deliver verification messages to the Absa mobile banking app directly and not your phone number.<\/p>\n<p>If you bank online and do not yet have the Absa App, you will be required to download it from the Good Play or Apple App store.<\/p>\n<p>Verification messages that require authentication include:<\/p>\n<ul>\n<li>Make certain payments and purchases (e.g. once-off payments, airtime purchases, CashSend)<\/li>\n<li>Create new beneficiaries<\/li>\n<li>Edit your profile<\/li>\n<li>Update your limits<\/li>\n<\/ul>\n<p>&#8220;2FA is an update to the current SureCheck notifications and has been widely adopted across the globe,&#8221; it said.<\/p>\n<p>&#8220;2FA is a leading security measure which acts as a second layer of security, enabling customers to verify certain higher risk transactions on our online and mobile banking channels without relying on their SIM Card.<\/p>\n<p>&#8220;Interception of verification messages sent to customer\u2019s SIM cards was one of the vulnerabilities often exploited by fraudsters, which 2FA now eliminates.&#8221;<\/p>\n<hr \/>\n<p><strong>Read:\u00a0<a href=\"https:\/\/businesstech.co.za\/news\/banking\/206470\/capitec-outlines-the-main-types-of-card-crime-in-the-wake-of-massive-data-breach\/\" target=\"_blank\" rel=\"noopener\">Capitec outlines the main types of card crime in the wake of massive data breach<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following reports of continued SIM-swap fraud, Absa has announced that it is changing its verification technology &#8211; here&#8217;s how it works.<\/p>\n","protected":false},"author":10,"featured_media":2041,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961,34],"tags":[29,26],"class_list":["post-206931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-mobile","tag-absa","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/206931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=206931"}],"version-history":[{"count":10,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/206931\/revisions"}],"predecessor-version":[{"id":206951,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/206931\/revisions\/206951"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/2041"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=206931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=206931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=206931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}