Full account control a huge worry

Fin24 user Gerhard Prinsloo is worried that SIM swap fraudsters are able to create beneficiaries and transfer amounts much larger than what you have set as your daily limit. He writes:

On the last day of February 2013 I was defrauded of R30 000 by a SIM swap fraud.

What is worrying about this method is that the fraudsters are able to create beneficiaries and transfer amounts much larger than what you have set as your daily limit.

Absa only reacted when it was too late. I followed all the steps required to lodge a claim. Absa declared themselves in dispute with me.

There where no clear explanations. They claimed that I was responsible, saying that I must have given my banking pin and password by going to a fake Absa internet site at some stage.

They abruptly passed me onto the Banking Ombudsman. The Ombudsman can take up to three months to make a decision. In the meantime I'm out of pocket.

There is no explanation how the fraudsters got hold of my ID, my bank account and my cellphone numbers.

I am astounded too that with all the Rica and Fica procedures, one can still do a SIM swap obviously by not being physically present. How else did Vodacom allow the fraudsters to do a SIM swap on my account?

This is a serious safety glitch between the banks and the cellphone companies. Fica procedures are geared towards fighting organised crime and yet Vodacom let them do the SIM swap.

Before holding me responsible, they should surely investigate how the SIM swap was done. I have followed all safety precautions possible, the rest is in the hands of these two service providers.

If Absa [JSE:ASA] and Vodacom [JSE:VOD] can't guarantee my financial safety they should withdraw those services.

 - Fin24

Something on your mind? Share your experience and you could get published.

Disclaimer: All articles and letters published on MyFin24 have been independently written by members of the Fin24 community. The views of users published on Fin24 are therefore their own and do not necessarily represent those of Fin24.

Fin24 reserves the right to obtain service providers' comments before publishing any articles or letters, and to edit any material used. Fin24 also reserves the right to edit or delete any and all user comments received.