Beware - Absa Accounts Targeted
 

Beware – Absa Accounts Targeted

According to The Rapport newspaper, the Hawks are currently investigating the likelihood that a syndicate has gained access to ABSA clients’ online banking details, and are currently stealing millions from these client’s ABSA Accounts. The report stated that many ABSA accounts were cleared by cyber criminals who gained access to clients account details.

Who’s to blame for hacked ABSA Accounts?

In every case, ABSA said the victims were to blame, reason being was that they fell for phishing attacks which exposed their online banking details. Phishing is the fraudulent practice of sending emails purporting to be from reputable companies in order to induce individuals to reveal personal information, such as passwords and credit card numbers online. Although, many of the ABSA online banking clients that were robbed disputed the fact that they had fallen for such scams.

According to the Rapport investigation, the theft may have taken place from an IP address located at the ABSA head office , where a case was reported that R2 million was stolen. Which ABSA Bank has denied responsibility for, although, in goodwill gesture, they refunded the client 50% of her actual loss. The lady is now suing the bank for the rest of the money which was stolen from her ABSA account. Rapport said that there where 36 similar cases which all involved such theft, were the money was being transferred to a Capitec account,which seems like SIM swap fraud took place.

How criminals steal money from your account

While methods used to steal your banking details may differ, the process followed by cyber hackers to steal money from online banking users in SA is nearly always the same:

  1. The hacker gets your Internet banking details, mainly through a phishing attack.
  2. The Hacker gets a bank account/s to which money can be transferred to and later withdrawn.
  3. The Hacker clones your SIM card.
  4. And then the Hacker creates beneficiaries (using the list of bank accounts) and transfers money to those beneficiaries.
  5. The hacker then withdraws the money from the accounts.

Other Related Posts:

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Top 10 Scams In South Africa

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Beware - Absa Accounts Targeted
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Beware - Absa Accounts Targeted
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According to The Rapport newspaper, the Hawks are currently investigating the likelihood that a syndicate has gained access to Absa clients' online banking details, and are currently stealing millions from the Absa Accounts. The report stated that many Absa accounts were cleared by cyber criminals who gained access to their account details.

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