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MyMoney Online

'Standard Bank offers self-service retrieval of PINs, putting clients at risk'

19 August 2021 1:02 PM
Tags:
Banking
The Money Show
Standard Bank
Capitec Bank
Bruce Whitfield
Card fraud
Absa
Personal finance
bank fraud
Wendy Knowler
scamwatch

The Money Show’s Bruce Whitfield interviews consumer journalist Wendy Knowler.
  • Standard Bank has a self-service option to retrieve card holders’ PINs, putting them at risk if their phone, card, and ID number is lost or stolen

  • Capitec Bank does not offer this voice call centre option to retrieve a PIN

  • Absa does, but you need to approve the retrieval using the app. It also offers full refunds if you suffer fraud using the app


© welcomia/123rf.com

“Banks threaten us with hellfire, brimstone, an afterlife of purgatory if we dare to give our private details away to anybody,” says The Money Show’s Bruce Whitfield.

“Are they playing by the rules too?”

Not all of them, according to consumer journalist Wendy Knowler.

Knowler discussed three similar cases involving Standard Bank clients who had their credit cards, ID numbers, and cellphones stolen.

Fraudsters called the bank’s 086 number, then chose the self-service option to retrieve the card holder’s PIN.

By keying in the cellphone number, credit card number (including the three digits at the back), and ID number, they got a one-time PIN sent to the stolen SIM.

For more detail on the exact nature of this scam, scroll up to listen to the audio.

“The losses were huge! The one woman lost R20 000, the other one over R100 000. The bank said it’s not liable. The same story I always hear with frauds; your PIN was used… In one case a goodwill offer of a 50% refund was offered, then retracted. In the other case… she didn’t accept because there was the condition of non-disclosure…”

Wendy Knowler, consumer journalist

Capitec doesn’t offer this voice call centre option of getting your PIN. Absa does… but customers have to approve it through the banking app. Absa has a free digital warranty. If you’re on the banking app, and you suffer fraud, they refund you in full. It’s the only bank that does that… They also don’t offer the remote self-service voice thing – you have to go into a branch to reset your PIN. FNB says for confidentiality reasons they can’t divulge their security measures…

Wendy Knowler, consumer journalist

If you have those three items in your handbag… then it’s easy!

Wendy Knowler, consumer journalist



19 August 2021 1:02 PM
Tags:
Banking
The Money Show
Standard Bank
Capitec Bank
Bruce Whitfield
Card fraud
Absa
Personal finance
bank fraud
Wendy Knowler
scamwatch

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