Our cell phones have become an extension of our very own selves. We rely on them to store contact details and to remind us about appointments; we work and play, correspond for business and fun, all through our mobiles. Can you imagine having your handset but no access to what you have stored in it? A scary thought and not one that is too far-fetched. A fast-trending digital fraud – SIM Swapping – literally steals the part of you that’s stored on your SIM.
Some victims realise very quickly that they are a target of this scam and the issue gets resolved rapidly. Will you be as fortunate if you become a victim of SIM-swap fraud? You certainly can; as long as you stay informed and take timely action.
What is a SIM-swapping scam?
A SIM-swap scam occurs when someone gains access to your authentication, verification (like passwords, OTPs) and other sensitive financial information, by having your SIM transferred to their mobile. This type of digital scamming is also known as SIM-splitting, SIM-jacking, SIM-hijacking, or port-out scamming.
How does it happen?
Step 1: SIM-swapping scamsters find out detailed personal information about you, by phishing or from your social media accounts.
Step 2: They call your mobile carrier and put in a request for a new SIM, stating that your current one is lost or damaged. When the mobile phone carrier asks for personal information for authentication, they provide it.
Step 3: They receive the new SIM from which they access your text communications with banks and other organisations that you have received. They can also call for codes or password resets, on any of your accounts, which are activated via OTPs sent to your phone.
The endgame for such scamsters is to clear out your bank accounts and/or encash your investments.
How will you know that you’ve been SIM-jacked?
How can you prevent SIM-scamming?
To stay safe in the digital world, layer up; don’t opt for one identification criteria if you can have two. Adding layers of protection could help keep your accounts and your identity safer.
