‘It is dangerous to use MTN & FNB for cellphone banking,’ private forensic reveals

A number of FNB clients have been left amazed and fuming after money was withdrawn from their FNB bank accounts. And according to FNB this is due to phishing scam even though some victims deny having clicked on phishing links or sort.
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Phishing: is the attempt to acquire sensitive information such as usernames, passwords, and credit card details (and sometimes, indirectly, money), often for malicious reasons, by masquerading as a trustworthy entity in an electronic communication. And this is popularly done with email links suggesting you rest a password, update you details or so.
According to Jacklin’s private consulting forensic scientist, David Klatzow this appears to be an inside job. He told Fin24 ; his client, Cape Town audiologist Gail Jacklin, lost over R200 000 from the scam earlier this year and FNB hasn’t refunded him till this day.
A piece of report from Fin24:

“The evidence seems to show that there is somebody within the bank and within MTN who has access to your details,” Dr Klatzow told Fin24.
“And what happens is, in many instances, and in my particular client’s instance, her phone went on the blink,” he said.
Dr Klatzow explained that the scam typically involves a banking customer’s phone becoming inoperable, after which money is stolen from the victim’s bank accounts.
Dr Klatzow has further alleged that an unknown insider at FNB targets “a certain strata of bank accounts”.
This insider then allegedly works with somebody at MTN to put a phone “on the blink” and thereby arrange for a SIM-swap to aide the crime, explained the investigator.
Once the SIM-swap has been completed, the scammer can then access sensitive details such as internet banking One Time Pin (OTP) codes to carry out the crime, said Dr Klatzow.

In a chat with ANN7, Klatzow has revealed that it is dangerous to use MTN and FNB for cellphone banking; ‘It’s exceptionally dangerous for you to use MTN as your service provider if you’re going to do cellphone banking and in particular its very dangerous to use FNB to do cellphone banking at this time.’
He has further warned people about using the cellphone banking service until the problem is cleared up.
SOURCE: Fin24 , ANN7
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