In a shocking incident shared on X formely known as Twitter, @Ketso28 mother fell victim to card cloning, resulting in a staggering 29,000 being reserved for unauthorized purchases within just two minutes. Despite the alarming nature of these transactions, no alerts or notifications were received from the bank, @FNBSA.
Expressing frustration and seeking answers, the user tweeted at @FNBSA, questioning how so many transactions were approved in such a short time and urging the bank to rectify the situation promptly.
Screenshots provided by the user detailed the rapid succession of transactions, all earmarked for purchases at Msize Cash And Carry. The transactions, varying from R1000 to R5000, occurred in quick succession, totaling 29,000.
This incident serves as a stark reminder of the prevalence and sophistication of card cloning schemes. It raises serious concerns about the efficacy of financial institutions' security measures and detection systems in combating such fraudulent activities. Moreover, it underscores the importance of individuals diligently monitoring their accounts for any signs of unauthorized activity and promptly reporting any suspicious transactions to their banks.
My mom’s card was cloned and 29k reserved for purchase in less than 2 minutes. No alert, no nothing from @FNBSA. How is it that multiple transactions went through in less than 2 minutes and it was alarming for you guys? This is a card that my mom never uses, EVER! pic.twitter.com/H5Y7FvBkYk
— Le rata depth gore. (@Ketso28) April 9, 2024
First National Bank (FNB): A Leading Financial Institution Under Fire
First National Bank (FNB), part of South Africa's "big four" banks under FirstRand Group, is known for innovation. However, recent incidents have raised concerns about its reputation.
Overview: FNB, alongside Rand Merchant Bank and Wesbank, is integral to the FirstRand Group. Operating in several countries, including Botswana, Mozambique, Namibia, Eswatini, Tanzania, Zambia, Ghana, India, Lesotho, and Guernsey, FNB has established a strong presence. Despite this, recent controversies have tarnished its image.
Business Performance and Customer Feedback: FNB's business performance has been overshadowed by customer dissatisfaction, as evidenced by its poor ratings on "hello peter." According to data from this platform, FNB has received a rating of 1.5 out of 5, indicating significant customer dissatisfaction. The Trustindex Rating of 9.28 hours for an average time to reply highlights the bank's slow response to customer complaints, further exacerbating the issue.
How Card Cloning Happens: Card cloning, also known as skimming, is a method used by fraudsters to illegally obtain credit or debit card information. Here's how it typically occurs:
- Skimming Devices: Fraudsters use skimming devices to capture the magnetic stripe information from a card. These devices are often disguised as legitimate card readers, such as those found on ATMs or payment terminals.
- Data Transfer: The stolen card data is then transferred to a computer or another card for later use.
- Creation of Clone Card: Using the stolen data, fraudsters can create a clone card with the same information as the original card, including the card number, expiration date, and cardholder's name.
- Unauthorized Transactions: Fraudsters use the clone card to make unauthorized transactions, often at ATMs or retail stores.
Preventing Card Cloning: To prevent falling victim to card cloning, individuals should:
- Regularly check bank statements and transaction history for any unauthorized activity.
- Use ATMs and payment terminals from trusted sources.
- Cover the keypad when entering PINs to prevent cameras from capturing them.
- Enable transaction alerts and notifications from their bank to quickly detect any suspicious activity.
By staying vigilant and taking proactive measures, individuals can help protect themselves from falling victim to card cloning and other forms of fraud.
