FNB warns of increased phishing attacks on digital wallets

Criminals realised the process of loading a debit or credit card onto a digital wallet is similar to that of making an online payment using these cards, says FNB .

According to FNB, fraudulent activity doesn’t take advantage of any security deficiencies in the cards or wallets themselves but, instead, uses phishing and smishing attacks to convince users to provide compromising information that allows the criminal to load physical card details, like the plastic number, expiry date and card verification value onto their own digital wallets.

According to FNB, criminals have realised the process of loading a debit or credit card onto a digital wallet – such as Apple Pay, Google Pay, Samsung Pay and SwatchPay – is similar to the process of making an online payment using these cards. “Once the criminal has loaded this card to their own device, they are able to use their own biometrics to verify transactions made from the device.”

FNB will never require a customer to share their OTP with anyone to input it anywhere on their behalf, says Boxall. “The user has no idea that the criminal is entering those details into their own digital wallet. When a bank sends the criminal a request for an OTP, the criminal then asks the user for the OTP. The user mistakenly believes the OTP has been issued in relation to the fraudulent Post Office payment. If they hand it over to the fraudster, they have effectively given them access to spend on their account via a digital wallet.

Digital Wallet Cyber Crime Card Verification Value Phishing Smishing Apple Pay Google Pay Samsung Pay Swatchpay One-Time Password OTP Virtual Card Christopher Boxall

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Cyber security governance: The reality of board member liability in cyber attacks, data breachesAn enhancement to the NIST Cybersecurity Framework is the addition of the Govern Function, which underscores the importance of governance in managing cyber security risks.
Source: ITWeb - 🏆 45. / 51 Read more »

Home loan showdown for first-time buyers – Absa vs FNB vs Nedbank vs Standard BankOoba compared offerings for first-time homebuyers from South Africa’s “big four” banks as they compete for a share of the smaller home loan market.
Source: BusinessTechSA - 🏆 24. / 61 Read more »

FNB’s new rules for hitting eBucks Level 5FNB has made it slightly more difficult for Premier customers to reach eBucks Reward Level 5 from 1 July 2024.
Source: mybroadband - 🏆 11. / 67 Read more »

Here are the new FNB banking fees for 2024/25 – with big changes to eBucksFNB has revealed its account price increases for the 2024/25 financial year, and has updated its eBucks offerings.
Source: BusinessTechSA - 🏆 24. / 61 Read more »

FNB Stadium event showcases drones in miningIt’s not every day that you visit the FNB Stadium in Johannesburg to watch commercial drones in action.
Source: TechCentral - 🏆 8. / 71 Read more »

Emerging markets susceptible to AI-driven cyber attacks, warns VeeamVeeam Software’s Ian Engelbrecht details the challenge before SA and other emerging markets in Africa.
Source: ITWeb - 🏆 45. / 51 Read more »