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Sim Swap fraud becoming common in Nigeria. The new SIM SWAP FRAUD have got more than a hundred people fall victim.
A SIM swap fraud as it is called happens when someone convinces your carrier to switch your phone number over to a SIM card that a criminal possesses. In some cases, there are carrier’s employees working together with criminals. This is why you should never trust any call you receive demanding anything that has to do with number code sending or one time code OTP. We have had this sim swap fraud for sometime but its growth is on a rapid increase.
SIM SWAP FRAUD is now global
Sim Swap scam targets your money in the bank. By diverting your incoming SMS messages, scammers can easily complete the text-based two-factor authentication checks that protect your most sensitive accounts in financial services, social networks, webmail services and instant messengers.
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Sim swap fraud has made the use of mobile banking unsafe. While payment methods through mobiles offer a convenience that is hard to debate, Kaspersky Lab research showed that mobile payments and the banking system are suffering a wave of attacks – mostly powered by SIM swap fraud – and people are losing their money as a result. This type of sim swap attack is used to not only steal credentials and capture one-time passwords (OTPs) sent via an SMS, but also to cause financial damage to victims, resetting the accounts on financial services, allowing the fraudsters access to currency accounts not only in banks but also in fintechs and credit unions. Fraudsters are also using it as way to steal money using WhatsApp, loading the messages in a new phone, contacting the victim’s contacts asking for money, simulating an emergency situation.
How does Sim Swap Fraud work?
- A new fraud called SIM SWAP has started. Your phone network will momentarily go blind / zero (No Signal / Zero Bars) and after a while a call will come through.
- The Person on the other end of the call will tell you that he is calling from (your cell phone company) depending on your network and that there is a problem in your mobile network.
- He will instruct you to Please press 1 on your phone to get the network back.
– Please at this stage don’t Press anything, Just cut or END the call.
If you press 1, the network will appear suddenly and almost immediately go blind again (Zero Bars) and by that action, your phone is #HACKED. Within a second they will empty your bank account, thereby causing you untold damage.
Conclusion on sim swap fraud:
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Llike we said above, sim swap fraud aims to transfer your phone number onto SIMs, especially new ones. The process is simple in itself, but involves several steps. Here’s what to watch out for:
According to the National Fraud Intelligence Bureau, the SIM splitter’s first step is to access your personal information. This can be achieved through bank statements, as well as increasingly through scouring social media profiles.
The hacker then obtains a blank SIM card and rings your mobile phone operator. With your personal information in hand, they pass the security checks and report your phone stolen.
At this point your SIM is blocked and the hacker activates the ‘new’ one.
While the victim is left with no service, the hacker is able to access all texts and calls, including the unique code that the bank sends to access their online system. The perpetrator has free reign over your account and can transfer your funds wherever they wish.
Please, forward to your contacts, loved ones and friends. The fraud is increasing day by day. #daily4mative