{"id":779419,"date":"2024-06-30T13:00:00","date_gmt":"2024-06-30T11:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=779419"},"modified":"2024-06-28T17:13:06","modified_gmt":"2024-06-28T15:13:06","slug":"fnb-warns-of-criminals-targeting-its-customers","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/779419\/fnb-warns-of-criminals-targeting-its-customers\/","title":{"rendered":"FNB warns of criminals targeting its customers"},"content":{"rendered":"\n

FNB warned that cybercriminals are exploiting its consumers who do not have strong knowledge about how digital wallets work.<\/p>\n\n\n\n

Last month, FNB issued a statement warning customers that cybercriminals are becoming more adept at using the sophistication of payment systems to target clients.<\/p>\n\n\n\n

Criminals do not take advantage of security deficiencies in their cards or wallets to steal money.<\/p>\n\n\n\n

Instead, they use social engineering attacks, including phishing and smishing, to convince users to provide them with sensitive information.<\/p>\n\n\n\n

Phishing is a cybercrime in which people are duped into providing sensitive information such as login credentials, passwords, PINs, card details, or ID numbers.<\/p>\n\n\n\n

Phishing typically uses deceptive techniques such as fake emails and websites to gather this information.<\/p>\n\n\n\n

Smishing is using text messages, purportedly from reputable institutions, to trick people into disclosing similar information.<\/p>\n\n\n\n

After receiving this information, the criminals load physical card details like the plastic number (PAN), expiry date, and Card Verification Value (CVV) into their own digital wallets.<\/p>\n\n\n\n

Loading a debit or credit card onto a digital wallet\u2014such as Apple Pay, Google Pay, Samsung Pay, or SwatchPay\u2014is similar to making an online payment using these cards.<\/p>\n\n\n\n

Both processes require card details to be entered into an online portal and the submission of a one-time password (OTP) to confirm the process.<\/p>\n\n\n\n

Criminals use this similarity to confuse unsuspecting users into providing sufficient information to register the fraudsters\u2019 devices as digital wallets on their customers’ accounts.<\/p>\n\n\n\n

Christopher Boxall, head of card transaction and fraud detection at FNB, said they saw increased attacks to convince users to send through an OTP as part of a fraudulent process.<\/p>\n\n\n\n

\u201cAlthough the wording for online transactions and digital wallet OTPs differs, the user might not notice this,\u201d he said.<\/p>\n\n\n\n

\u201cThe OTP will be used to verify the loading of their debit or credit card into a completely separate digital wallet.\u201d<\/p>\n\n\n\n

Once the criminal has loaded this card into their own device, they are able to use their own biometrics to verify transactions made from the device.<\/p>\n\n\n\n

Watch out for criminals trying to steal personal information<\/strong><\/h2>\n\n\n\n
\"\"<\/a><\/figure>\n\n\n\n

FNB said it would never require a customer to share their OTP with anyone to impute it anywhere on their behalf.<\/p>\n\n\n\n

An authentic OTP SMS for online transactions with FNB will always inform the customer that they are about to purchase a stipulated amount online.<\/p>\n\n\n\n

The authentic SMS will include the last four digits of the card, followed by the confirmation OTP number.<\/p>\n\n\n\n

An authentic digital wallet OTP notification from FNB will always warn the customer that they are attempting to link a specific card to a specific wallet.<\/p>\n\n\n\n

It will always inform the customer to call 0870 30 30 30 or log into the FNB app to complete or cancel the action.<\/p>\n\n\n\n

In comparison, criminals typically send thousands of SMSs claiming that a parcel has been held at a post office for collection.<\/p>\n\n\n\n

The SMS will include a link to a website with SA Post Office branding, or that of an international delivery company, medical aid, or other companies.<\/p>\n\n\n\n

The URL will be incorrect, but the criminal hopes the user overlooks that. Then, the criminal will ask for a small fee to release the parcel.<\/p>\n\n\n\n

The payment platform will require the user\u2019s card details, as would be the case for most online transactions.<\/p>\n\n\n\n

The user has no idea that the criminal is entering those details into their own digital wallet.<\/p>\n\n\n\n

When a bank sends the criminal a request for an OTP, the criminal then asks the user for the OTP.<\/p>\n\n\n\n

The user mistakenly believes that the OTP has been issued linked to the Post Office payment.<\/p>\n\n\n\n

If they hand it over to the fraudster, they have effectively given them access to spend on their account via a digital wallet.<\/p>\n\n\n\n

The criminal can now use the card by presenting their own biometrics, because the card has been fraudulently loaded on the criminal\u2019s own device.<\/p>\n","protected":false},"excerpt":{"rendered":"

FNB warned that cybercriminals are exploiting its consumers who do not have strong knowledge about how digital wallets work.<\/p>\n","protected":false},"author":10,"featured_media":742925,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[961],"tags":[8814,20121,5407,76,20120,1720,13389,20119],"class_list":["post-779419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-apple-pay","tag-christopher-boxall","tag-digital-wallet","tag-fnb","tag-google-pay","tag-phishing","tag-samsung-pay","tag-smishing"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/779419","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=779419"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/779419\/revisions"}],"predecessor-version":[{"id":779423,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/779419\/revisions\/779423"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/742925"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=779419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=779419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=779419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}