AS the Banking sector continues to scale-up interventions aimed at combating fraud in the financial service space, and safeguard customer’s monies, fraudsters on the other hand have also upped their game.In what is seemingly one of their latest tactics, fraudsters have gone a step further to directly call customers with mobile bank accounts, purporting to be calling from the customer’s bank. They attempt to engage the unsuspecting customer in a telephone conversation, whose duration is sufficient to carry out unauthorised transactions on the customer’s account, without the knowledge of the account owner.From the second quarter of this year the intrusion design has changed. The banks are experiencing intrusions that do not mirror the typical SIM replacement activity. The scenarios of concern are listed below;Intrusions that start with calls to customers where callers purport to be calling from Banks. The usual front is that given banks were changing the number of digits on PINs from Four […]
MOBILE BANKING FRAUD
