MTN and Absa have set up a task team that will keep an eye on SIM-swap fraud and bring about new ways to rapidly clamp down on it.
The collaboration follows an urgent meeting where executives from Absa and MTN discussed the spate of SIM-swap fraud cases.
‚”Protecting our customers means tightening up our systems development to both improve security and service delivery‚” Says Eddie Moyce,
This special 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.
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 (SABRIC) 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.
‚”MTN would like to assure its customers that the matter is being tackled at the highest levels at both organizations, their protection is important to us‚”, concluded Moyce.