According to recent reports there has been an FNB phishing scandal that has cost some of the bank’s customers thousands of Rands. A forensic expert has made allegations of an inside job within the bank.
First National Bank (FNB) CEO Jacques Celliers has insisted that the clients were the victims of a phishing scam.
So what exactly happened?
Some FNB clients reported suspicious activity on their bank accounts in recent months. Some individuals reported large unauthorised transactions taking place. This followed a period of time over which their mobile phones stopped working. It later emerged that SIM swaps had been done without their permission.
A number of FNB clients were targeted and over a number of weeks their bank accounts were cleaned out of their savings. There are claims that transactions went through without their consent. Money was transferred out of their accounts despite the fact that a One-Time PIN is required for transactions.
Forensic investigator Dr David Klatzow has revealed that he knows of at least 20 cases.
“The evidence seems to show that there is somebody within the bank and within MTN who has access to your details,” said Klatzow.
How the FNB phishing scandal operates:
A banking customer’s phone becomes inoperable while an unauthorised SIM swap occurs. Once the SIM swap has been completed, the scammer is then able to access sensitive details. Using the details on the phone, money is stolen from the victim’s bank accounts.
Mobile phone operator MTN has also been implicated in the scam. The company released a statement claiming that it is working closely with the South African Banking Risk Information Centre (SABRIC) and the South African Police Services (SAPS) to assist in the necessary investigations to bring the perpetrators to book.
Investigations are currently underway.