What is SIM Swap Fraud?
A type of account takeover, usually a mobile phone number to gain financial access available on the mobile phone. Normally, fraudster is well aware of the victim’s status and his/her banking transaction history.
How Fraudster Conducts SIM Swap Fraud
- Steal personal data such as full name, place and date of birth and mother’s name by hacking into the victim’s social media through email phishing or direct call.
- Approach the telecommunication provider to receive ‘new’ SIM Card and making the victim’s SIM card deactivated.
- If successful, fraudster will then conduct banking transaction using OTP (one time password) sent to the phone number.
Tips to Prevent SIM Swap Fraud
- Keep your personal information private by not sharing it to social media. If possible, use different phone number and email for banking activities from personal activities.
- Ignore calls or SMS asking you to turn off your mobile phone temporarily.
- Contact your telecommunication provider immediately if your mobile phone number and SIM card cannot be used.
- Activate the SMS and email alert services for all financial application on your mobile phone.