First National Bank warns customers of SIM swap fraud committed by scammers who promise free items. This comes after consumers complained of being scammed by fraudsters and having their mobile numbers accessed.
What are SIM swap scams? SIM switch fraud occurs when criminals use your phone number to get access to your accounts by exploiting a flaw in two-factor authentication and verification.
Scammers switch SIM cards by contacting your carrier and tricking them into activating the fraudsters’ SIM cards.
Scammers could potentially enter your username and password when logging onto your bank’s website through SIM swap fraud.
This is known as SIM swap fraud, and it means scammers could potentially enter your username and password when logging onto your bank’s website.
The bank will then send you a code via text with two-factor authentication to your smartphone number, which you will need to enter to access your online account. What is the issue? Following a SIM exchange, that number is now assigned to the scammer’s smartphone or other device. They can then enter your bank account using that code.
Fortunately, you can protect yourself against SIM swapping. It’s all about preventing scammers from finding out what logins and passwords you use to access your online bank or credit card accounts. And it helps, too, to look out for the most common warning signs of a SIM swap scam.
It is common practice for scammers to target bankers to offer freebies such as SIM swaps. First National Bank (FNB) has warned customers about SIM swap fraud.
“Never hand out your phone to anyone offering free data or a new SIM, as you might fall victim to SIM swap fraud,” said FNB.
When these scammers gain control of your phone by tricking your carrier into connecting your phone number to a SIM card in their hands, These scammers take over control of your phone number.
The first step scammers take to steal your number is to collect as much personal information as they can find and then engage in social engineering to steal it.
They impersonate you and claim to have lost or damaged your SIM card. They then ask the customer service representative to activate a new SIM card in the fraudster’s possession.
This ports your telephone number to the criminal’s device, which contains the scammer’s own SIM card. Once your carrier completes this request, all phone calls and texts that are supposed to go to you will instead go to the scammer’s device.
Customers have been asked to be vigilant when approached by unknown individuals or organisations requesting to use their bank accounts.
Furthermore, FNB has advised customers to act urgently if they suspect criminal activity on their mobile devices.
“Should you suspect a swim swap or your cell phone number is hijacked, deactivate cellphone banking via FNB Online Banking,” added FNB.
The editorial staff at Tshwane Bulletin wrote the piece, which was put together with a notice from FNB about SIM swap fraud.
