Absa, MTN taskforce fights fraud

This followed an urgent meeting where executives from Absa and MTN discussed the spate of such fraud cases.
Eddie Moyce says they have an obligation to clients.

“Protecting our customers means tightening up our systems development to both improve security and service delivery.
“MTN would like to assure its customers that the matter is being tackled at the highest levels at both organisations, their protection is important to us,” says Moyes.

Absa head of digital channels and payments Adrian Vermooten asserts that the bank treats fraud committed on its customer’s accounts with high priority and is working with the stakeholders to clamp down on this method of 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 eCrime,” says Vermooten.
The special MTN/Absa team has initiated security measures to protect MTN customers such as 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 be meeting weekly to use the opportunity to gauge success, identify further improvement required. — CAJ News.