MTN and Absa have formed a task team to keep a “close eye” on fraud and “bring about new ways to rapidly clamp down on it”. The decision to create the team follows an urgent meeting where executives from the two companies discussed the recent spate of Sim-swap fraud cases.
The special team has initiated security measures to protect MTN customers, including an improved authentication process when carrying out a Sim swap. This will in the future 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 gauge successes and identify further improvements that might be needed.
Adrian Vermooten, head of digital channels and payments at Absa, says the bank treats fraud committed on its customers’ accounts with high priority and is working with other parties to clamp down on Sim-swap fraud.
“We are working tirelessly with MTN and the South African Banking Risk Information Centre 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 electronic crime,” says Vermooten. — (c) 2013 NewsCentral Media