SIM swap fraud

More on the South Africa SIM swap fraud.

The South African bank is refusing to bear the loss. This seems to me to be a very bad move as it destroys the principal value of the bank brand: security.

Customers put their money in banks because they believe the bank will look after it better than they can look after it themselves. If the banks start trying to tell customers that they are responsible for their own security they are going to see a rush for the exits.