Unsuspecting victims are losing millions to a growing scam involving their cell phone number: SIM swap fraud. Recently, Nation has reported a case of sim card fraud that led to millions lost to fraudsters. The case of Farah Bashir, who lost KES 2.6 million to hackers in several transactions, got Kenyans worried about the safety of their accounts and money.
To carry out a SIM swap attack, a fraudster gathers as much information on the target as possible. This could be through phishing emails, malware, the dark web, or social media browsing. Fraudsters go to the extent of registering an existing number on a new SIM card as well as changing the account security settings. This gives them the ability to intercept notifications, passwords, and online transactions.
Here is how you can detect and protect yourself from a potential SIM Swap fraud.
How To Detect SIM Swap Fraud
- Calls and Texts: The first sign that you might be a victim of SIM swapping is that your phone calls and texts stop working.
- Banking: When your login credentials stop working for accounts like your bank or work accounts, it’s likely fraudsters have changed your passwords and usernames.
- Unauthorised Activity: This is if your phone provider notifies you that your SIM card is getting activated on another device. It means someone else is trying to take control of your account.
- Unknown Transactions: Inspecting your online credit card statement and finding several charges you did not make might indicate a SIM…
