Sabric - Afrikan Heroes

South African Banks Move to Protect Consumers in Wake of TransUnion Cyberattack

March 19, 2022

The South African Banking Risk Information Centre (Sabric) has said it is working with local banks towards a coordinated response incident aimed at protecting (Sabric) following the cyberattack on credit bureau TransUnion. It could be recalled that TransUnion revealed in a statement on Friday that a “third party” obtained access to one of its servers through the “misuse of an authorised client’s credentials”.

It confirmed, too, that it had received an extortion demand – with the attackers reportedly seeking US$15-million in payment. TransUnion, which has not confirmed the figure, said the attackers will not be paid.

Criminals can use this information to trick people into disclosing their confidential banking details

ITWeb reported on Friday that the attackers, the Brazilian hacker group N4autysecTU, had stolen the personal records of 54 million South Africans in a breach involving 4TB of data. The personal information obtained could include names and ID numbers.

Sabric CEO Nischal Mewalall said in a statement on Saturday that the organisation has engaged with TransUnion “with the aim to coordinate the banking industry’s efforts to secure bank customers’ profiles against abuse”.

“South African banks take the security of their customer data very seriously and have put in place robust risk mitigation strategies to detect potential fraud on accounts and protect customer personal information as the investigation unfolds,” Mewalall said.

“The compromise of personal information does not guarantee access to a customer’s banking profile or account, but criminals can use this information to impersonate people or trick them into disclosing their confidential banking details.”

Sabric said bank customers should always follow “sound identity management practices to mitigate the risk of identity theft and fraudulent applications”. These include:

Not disclosing personal information such as passwords and Pins when asked to do so by anyone via telephone, fax or even e-mail;

Changing passwords regularly and never sharing them with anyone else;

Verifying all requests for personal information and only providing it when there is a legitimate reason to do so; and

Not using the information that may have been compromised. Rather use other personal information that you have not used previously to confirm your identity in future, Sabric said.

Sabric is a non-profit created by the banks to support the industry in combating crime.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

South Africans Warned About Dye-Stained Bank Notes after ATMs Looted

July 17, 2021

South Africa’s banking industry body has warned South Africans that possession of dye-stained bank notes looted from ATMs in this week’s political-inspired anarchy could land them in serious trouble. The South African Banking Risk Information Centre (Sabric) said in a statement on Friday that hundreds of ATMs were destroyed in the violence and looting that took place in KwaZulu-Natal and Gauteng, hampering the ability of bank customers to access cash and other financial services.

“ATMs hold cash in special containers that protect cash with dye-stain technology that is activated when someone tries to break open the container,” Sabric explained. “Once activated, the cash is stained with a green dye, thus defacing the notes, rendering them unusable as currency. The stained notes are recognised as having no monetary value once they are stained.”

The organisation warned that anyone in possession of these notes is “making themselves suspects of a criminal investigation that will seek to determine if they were involved in the stealing and unauthorised access of these ATM containers”.

“Sabric has noticed an increase in the attempted circulation of dye-stained notes in KwaZulu-Natal and Gauteng, following the destruction of multiple ATMs. The people of South Africa are cautioned against accepting these dye-stained notes as legal tender as the onward use and value of these notes will not be honoured.”

Sabric CEO Nischal Mewalall said: “You may also find yourself out of pocket after releasing goods or performing services because you will not be able to utilise the currency you were paid with. In addition, you also run the risk of being investigated, arrested and prosecuted for the destruction of these ATMs.”

Any person in possession of dye-stained notes should report them to the police on 0860 010 111, Mewalall said. Sabric was formed by South African banks to support the industry in combating crime.