19/06/2018
Here’s how to stop SIM fraudsters from draining your bank account
If you haven’t experienced SIM swap fraud, count yourself lucky. It’s a relatively new, sophisticated form of fraud that allows hackers to gain access to bank accounts, credit card numbers, and other personal data. It’s tough to spot, and even tougher to undo the resulting damage.
What is a SIM swap scam?
A cellphone SIM card stores user data in GSM (Global System for Mobile) phones.SIM swap fraud is a type of identity theft.
Once SIM criminals have gathered enough information on a target, they create a false identity. First, they call the victim’s cellphone provider and claim that his or her SIM card has been lost or damaged. Then, they ask the customer service representative activate a SIM card or number in their possession.
Once they’ve gained unfettered access to a victim’s phone number, criminals target bank accounts.
“The attacker can read your SMS messages and see who you’re chatting with and what about,”. “Many banks will send you a code to log into an account or reset a password to a mobile phone via SMS, which means an attacker committing SIM fraud can request and receive the code and access your bank.”
Next, SIM fraudsters mask money withdrawals using a parallel system. They create a second bank account under the victim’s name (banks where the victim is already a customer have fewer security checks). When the criminals execute a transfer between the two accounts, it appears to the bank’s computer system as though the victim is transferring funds between two parallel accounts.
Signs of SIM swap fraud
It’s tough to detect SIM card fraud before it happens. Most victims discover they’ve been compromised when they try to place a call or text. Once the perpetrators deactivate a SIM, messages and calls won’t go through. But some banks and carriers have instituted protections that prevent SIM swap fraud before it happens.
How to prevent SIM swap fraud
“Users should avoid revealing too much personal data online, and check on what alerts can be set up with their bank or phone company to identify any attempts to access their account,”.
If you’re the victim of a SIM swap scam, it’s not the end of the world.
“Inform the bank or phone company as soon as you have any suspicions to reduce the impact of the attack,”.
