How does it work?
Criminals trick you into divulging your online banking login details such as PIN and password via cleverly constructed cyber-attacks such as:
- Targeted phishing scams
- Using malicious software
- Using fake apps that pretend to be your banking app on your phone
After they’ve obtained your details and, without you knowing, they contact your cell provider and request a SIM swap. They do this by using details about you, found:
- Online (via social media)
- Through underground crime markets
They pose as you to the mobile network operator to trick them into cancelling and reactivating your mobile number to a SIM in their possession.
Why?
Everything that was meant to be sent to your phone: calls, SMS’s and one-time-passwords are routed to the fraudster.
Make sure you empower yourself and do not succumb to this attack that could leave you penniless in minutes!
Avoid becoming phish food:
- Don’t click on links in emails – rather type in the web address or use bookmarks
- Keep all your software, apps, and antivirus up to date
- Use anti-malware even on your phone
- Being offline for a longer period maybe a sign of a SIM swap
- React to SMS’s alerting you of a possible SIM swap by contacting your operator asap.
- Don’t trust unexpected links and attachments in emails, even from people you
- Beware of malicious software and apps – only download apps from official app stores
- Scrutinise bank transactions for anything out of the ordinary
- Be conscious of your cellphone’s connectivity status.
IF IN DOUBT:
Contact your operator immediately and enquire whether a SIM swap has been processed on your number.
