By Alex Cambell
In today’s mobile-centric world, using mobile phones for Internet banking is standard practice for most people, but do customers know they could be at risk of a new type of scam?
SIM swap fraud, where scammers cancel and re-activate new SIM cards to hack into bank accounts, is reportedly on the rise.
What Exactly Is SIM Swap?
SIM swap is a type of phishing fraud that poses a serious threat to customer and bank security. The fraudster obtains an individual’s banking details through phishing techniques or by purchasing these from organized crime networks.
They then use this information, including personal details sourced via social media, to pose as the victim to the mobile network operator and fool them into cancelling and reactivating the victim’s mobile number to a SIM in their possession.
As a result, all calls and texts to the victim’s number are routed to the fraudster’s phone, including one-time passwords for banking transactions. After receiving a one-time pin or password from a bank, the fraudster can then potentially access the customer’s bank account and transfer funds.
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