I have been saying this for years. Your computer is not safe. It never has been and never will be. Despite the efforts of anti virus companies, banks and everyone else, Internet fraud has been increasing rapidly. There are no signs that it’s going to decrease soon. The reason is simple. It’s much, much safer from criminals to steal your money from somewhere in Russia than to storm into a bank with machine guns.
Once again my suspicions that these are mostly inside jobs has been confirmed. MyBroadband reported today that the FBI is being called in to help catch syndicates that have infiltrated Vodacom and ABSA. These insiders have been doing illegal sim swaps and committing internet banking fraud on mostly ABSA clients.
I have been going on about this for years but the only response I ever got from Vodacom and ABSA was that there is no problem. It seems that these two companies are masters in spinning the bullshit. The sad thing is that thousands of people have lots millions due to the negligence of both Vodacom and ABSA.
Five years ago I told Vodacom that their practice of allowing sim swaps without proper security verification is a serious security threat. They did nothing.
Mobile apps are far more secure than internet banking on your computer browser. Your computer browser (Internet Explorer, Chrome, Firefox) is probably the least secure piece of software on your computer. Every bank has a mobile banking app today. Stop using your computer to do your banking. Switch to the apps and you will not be exposed to the risk of spyware, malware and keyloggers.
The safest way to do your banking is by using the banks mobile apps on iPhone or iPad. Yes, I’m not the greatest Apple fan but Apple is way more secure than Android.
You have been warned. Continue using internet banking on your PC at your own peril.
Vodacom shares are up by 2% after they declared a dividend of 280c per share.
Headlines earnings per share increased 656 cents for the year ended 31st march 2011. Revenue increased to R61.2bn from R58.54bn as group free cash flow grew 22.4% to R8.83bn.
It’s is staggering to imagine the amount of cash this business generates but quite easy to explain. The number of mobile users in South Africa grew exponentially in the past two years while Vodacom’s investment in infrastructure has remained very low as a percentage of expenses. Exactly how much they are spending on infrastructure development and maintenance remains a bit of a mystery as they don’t disclose the exact numbers. So the way that they make these staggering profits is by signing up customers who desperately need cellphones and then they sweat their assets until their networks and infrastructure almost grind to a halt. They invest in as little as possible to squeeze every last cent of profit from the business so that they can make as much profit as possible and earn multi-million rand incentives at the end of the year.
What’s wrong with that?, you ask. What’s wrong is that today it is impossible to drive from Sandton to Johannesburg without dropping a call four times. It’s impossible to get decent data connections in more than 87% of the country. The cost of the phone calls on our mobile networks is exorbitantly expensive and totally out of line internationally. Vodacom is not the only culprit, but the other cellphone companies as well. The shareholders who will receive this generous payout are all very happy. Happy that they have been complicit in one of the greatest mass exploitations of consumers in the history of this country. Vadacom should be taking their ill gotten profits and re investing it into their infrastructure so that we can receive the services that we are paying for, so that our dropped calls can stop and we don’t have to re-dial twenty times a day, and further bolster their coffers, and so that we can use cellular services for what they were intended, to increase productivity. Every time my call drops I can see in my minds eye how Pieter Uys made another R0,0000001. Every time my 3G connection drops I wonder if I would have a decent 3G connection if I lived in the same street as Mr Uys? I suppose he would have a cellphone tower that works near him.
What is it with this corporate culture? Why is it never enough? Why do you have to literally steal from your customers to make billions when you can make hundreds of millions in an honorable way? I am ashamed of the fact that Vodacom is a South African company and I am ashamed of Mr Pieter Uys and his board. I am ashamed of the Vodacom shareholders. I am disgusted by the wholesale rape and pillaging of consumers in South Africa by Vodacom and companies like them.
Business Day reported today that Vodacom is going to reduce the download speed from 3G to 2G for Blackberry users who exceed 100MB per month.
This explains why other Vodacom users have been suffering constant disconnections and slow download speeds. The free data services provided to Blackberry users has created a shortage of bandwidth and Vodacom clearly cannot cope with the demand.
For the past few weeks the 3G service from Vodacom has deteriorated to the point where 3 out of 5 times a decent connection is impossible. It is time that consumers talk with their feet and switch to one of the other service providers. We have been complaining long enough.
It will be interesting to see what will happen if Vodacom is sued for contravening the CPA. It could be a watershed case that will shake up the mobile industry and perhaps hold these fatcat monopolies to account.
The spectacular explosion of the cellphone industry in South Africa has created a myriad of opportunities for business. It has opened up many new markets and given almost every citizen in this country an opportunity to participate in the digital era. Instead of embracing this new opportunity, mobile service providers in South Africa are destroying it because of their incredible thirst for power and money. It is clear that their drive for profits far exceeds their desire to provide proper service to their customers and this is evidenced by the lack of infrastructure investment.
It is laughable that on most major highways in South Africa there is not 100% coverage. They have been aware of the thousands of complaints for a number of years but still they refuse to upgrade and invest in the infrastructure to solve the problems. In the meantime their executives are earning ridiculous salaries and bonuses for the fantastic profits they generate, but they are unfortunately not measured on customer satisfaction. Why should they care about customer satisfaction? They have a monopoly and definitely not a long term view. They don’t need to listen to anyone and the complaints lodged fall on deaf ears. A few weeks ago there was a discussion on Talk Radio 702 and their switchboard almost crashed from all the calls about the pathetic service provided by these companies.
Rob Shuter (Vodacom CFO) R14,205,882
Pieter Uys (Vodacom CEO) R10,700,571
Shameel Joosub (Vodacom SA MD) R9,452,685
Our government is helpless and clueless and doing absolutely nothing to resolve the issue. They have the power to force the mobile companies to improve their service levels but they don’t. One has to wonder why they do nothing.