COVID-19 has impacted our everyday lives, from how we socialise, how we shop and even how we bank. According to health recommendations, one of the most effective ways to contain the current COVID-19 epidemic is to avoid personal contact. As a result, most banks globally have reduced their branch opening hours and recommended their customers to use online banking. However, fraudsters, true to form, have identified this as an opportunity and as a result many banks have increased their cyber security focus.
It has been reported that sim-swap fraud is on the rise. Although mobile phones and security measures have changed over the five years since the scam has come to prominence, the way the fraud works has remained consistent.
Through fraudulent SIM swops, criminals can take control of their victim’s mobile number enabling them to receive SMS’s sent by the bank to the client. These include Transaction Verification Codes (TVC), Random Verification Number (RVN), PINs or One Time Passwords (OTPs). Using these codes together with compromised login credentials, criminals can change, add beneficiaries and transfer money out of the victim’s account.
International Fraud Awareness Week runs from 15 to 21 November this year. It is a global effort to minimize the impact of fraud by promoting anti-fraud awareness and education. The South African Banking Risk Information Centre (SABRIC)provided some online banking tips specifically with regards to sim swops.
Click here to read more and to access these tips.
