There is a syndicate believed to have siphoned funds from the Bank. The modus operandi is believed to perform phishing of information whenever the customer logs on to internet. The syndicate will upload a software at an Internet banking kiosk that records the information relating to user names and passwords.
The syndicate will later retrieve the information by downloading it at the USB drive. Armed with the information, the syndicate will then report the loss of the SIM card at the Telecommunication companies. Once the SIM card is replaced, then the Transaction Authorisation Code (TAC) will be sent to the replaced SIM card. The TAC will enable the syndicate to transfer funds into their own accounts.
Is banking so vulnerable to attack of this nature? More security should be imposed both at the Banking and Telecommunication sectors to curb crime of this nature. Both sectors should make it more difficult for syndicate to capitalize on the weaknesses.
Something for sharing.
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