Banks warn of massive security breach at credit service

Banks warn of massive security breach at credit service

A security breach at Experian, a consumer, business and credit information services agency has exposed personal information of at least 24 million South Africans and close to 800 000 business entities to a fraudster.


This has been confirmed by the South African Banking Risk Centre (SABRIC).


SABRIC CEO, Nischal Mewalall says the breach has since been reported to law enforcement agencies and the appropriate regulatory authorities.


“Banks have been working with Experian and South African Banking Risk Centre (SABRIC) to identify which of their customers may have been exposed to the breach and to protect their personal information, even as the investigation unfolds. 


“Banks and SABRIC have also been cooperating with Experian in their efforts to secure the data and ensure the perpetrators are brought to book,” reads the statement by SABRIC.


Although the security breach can compromise personal information, it's not been guaranteed that criminals will have access to your banking details.

ALSO READ: Over 3900 new Covid-19 cases identified


“However, criminals can use this information to trick you into disclosing your confidential banking details,” adds Mewalall.


Bank customers who suspect that their identities may have been compromised, have been advised to immediately apply for a free Protective Registration listing with Southern Africa Fraud Prevention Service (SAFPS).


The service alerts SAFPS members, which includes banks and credit providers, that an identity has been compromised and that additional care needs to be taken to confirm that they are transacting with the legitimate identity holder.


Banks will communicate with their customers about how they may be affected by the breach and what is being done to protect them.

Show's Stories