Ombudsman for Banking Services warns members of the public about the rise in contactless payments fraud in South Africa. NFC OnlineScams
Customers’ accounts have been fraudulently drained through tap-and-go purchases made with smart devices in mostly foreign jurisdictions.
NFC is short-range wireless connectivity technology that lets NFC-enabled devices communicate with each other. “This is a clear indication that an international crime syndicate is operating within this space and has South African consumers in its sights.” “These are highly-concerning numbers and the devastation of the losses caused has the potential of causing bank customers serious financial hardships which, in some instances, may be impossible to recover from.
She points out that for the fraudsters to be able to link their devices to the stolen bank card information of the legitimate bank customer, an OTP or a “Smart inContact notification” required to complete the linkage process is sent to the bank customer’s registered number or banking app. She adds that through these fake website links and e-mail addresses, the fraudsters are able to obtain all the details they require to approve the linking of their devices to the payment platforms.
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