SIM swap fraud? All you need to know about this online banking scam
SIM swap fraud is a new kind of fraud that is running around in the market and a lot of people have fallen prey to it. But what exactly is SIM swap fraud and how it happens?
What is SIM swap fraud?
SIM swapping is a sophisticated form of fraud and falls under social engineering. Fraudsters will distribute phishing emails, trying to ascertain as much personal information from victims as possible. This personal information is used to pose as the victim in requesting a sim swap from the mobile network provider.
How does it work?
- To avoid falling victim to this scam, users should
- Always exercise caution when revealing personal information online
- Use authenticator apps or services which encrypt messages and are not tied to your SIM
- Avoid using SMS as the primary form of authentication with their bank
- Check with your mobile operator to see if any new SIM cards have been issued without your knowledge
Here's how you can protect yourself against this fraud:
- If you stop receiving calls or texts all of a sudden, make sure you reach out to your service provider to check. Do not act without verifying with your bank.
- Never disclose your Internet banking password or personal identification number (PIN) to anyone. Even your bank will never ask for this.