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Banks Urge Customers To Protect Their Account Information

Some major banks, last week, found thousands of rands quietly transferred from the accounts of their customers. Int published this on April 4, 2007. A massive phishing attack breached the customers' accounts. Banks have advised its customers not to disclose personal information to anyone either online or over the phone.

One of the banks has required SMS authentication for customers before they can withdraw money from their accounts.

Michael Jordaan, CEO of FNB said his bank has discontinued its online banking service and has taken its customers, nearly 40,000 in number, to a different and more secure system. Mybroadband published this on April 4, 2007.

Jordaan remarked that police found it hard to locate the criminals and arrest them, as they belonged to different countries. But he was sure that the new security systems would terminate the criminal practice. Now as FNB clients logon, they would receive a one-time password (OTP) on their cell-phones. They would require this prior to making certain requests like making an additional recipient or transferring cash beyond a defined amount. The bank would process the customer request after confirming the OTP.

Absa, another large bank in South Africa has received reports of a number of phishing cases. Christo Very, general manager of group digital channels reminded customers on behalf of Absa that the bank never asked for customers' confidential information via e-mail or over a phone call. Int published this on April 4, 2007. Very also advised customers to periodically monitor their bank accounts and report to their bank about any suspicious activity, as the first line of defense.

Ross Linstrom, spokesperson for Standard Bank said the new security measures of the bank were quite adequate and therefore requested account holders to adopt them all as and when the bank suggested such as the 'one time password'. Int published this on April 4, 2007.

Nedbank too has noticed a rise in phishing attempts and abuse of its brand name. There was a notable increase in spyware on systems in Internet cafes, according to Maire Eltringham, head of virtual channels at Nedbank. Mybroadband published this on April 4, 2007.

Related article: Bank Issues Spam Alerts

» SPAMfighter News - 4/12/2007

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