According to MTN, there has been a major increase in the number of SIM-swap cases over the last few months. The company states that it is not liable for any losses because the courts have held that there is no causal link between a SIM Swap and defrauding of a customers bank account.
The source also unveils that MTN has already put a new security measure in place to protect its customers from fraudulent SIM-swaps, namely a SIM-swap delay until the legitimate customer confirms the request via SMS. Improved authentication will be implemented and a dual authorisation process is also being investigated. Meanwhile, Absa has placed a message on its online banking home page linking to advice on the scam for customers.
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