South Africa’s bank fraud problem is out of control

Bank Zero’s bank cards can be entirely disabled for use at ATMs. A card patent distinguishes between transactions processed via chip, magnetic stripe or online channel – meaning that the most common form of card cloning, which copies chip data and replays it on a magnetic stripe, is blocked regardless of whether the fraudster has the correct PIN for the card. A personalised subscriptions list blocks any transaction for a merchant that doesn’t use 3D-Secure authentication on first attempt, adding it to a customer-controlled approval queue rather than simply letting it through.South Africa’s bank fraud problem is out of control. One bank has figured out how to stop it from happening to its customers. The rest of the industry, the regulators and the criminal justice system have not. Do you think that people need to limit the focus on digital migration ?