Types of SIM card fraud

• Account Takeover: In this scenario, fraudsters use the SIM swap method to gain access to the victim's online banking or financial accounts. With control over the victim's phone number, they can reset passwords, receive security codes, and ultimately gain unauthorised access to sensitive information and funds.
• Identity Theft: SIM Swap Fraud can also facilitate identity theft. By taking control of a victim's phone number, fraudsters can intercept verification codes, gain access to personal accounts, and potentially steal the victim's identity for fraudulent activities.

Cases of SIM card scams are rising.

In most cases, the scam goes like this: you receive an email or SMS claiming you've won millions from your bank, SARS, or even the national lottery. The scammers send you an email or SMS enticing you to log in to your internet banking through a fake page they have set up to get your login details. This is called ‘phishing’, when it’s done through your emails, or ‘smishing’ when it’s done using an SMS.

Prior to transacting online, most internet banking customers receive OTPs (one-time pins) and other verification numbers via SMS. Having already fleeced you of your log-in details, fraudsters now need your SIM card – and they don't even need to steal it from your phone. 

It takes only a few minutes for them to go to your service provider pretending to be you, declare that your SIM card has been lost, destroyed or stolen, and receive a new one that is linked to your cellphone number - the same number that your bank sends your top-secret OTPs and ‘In Contact’ messages to.

The worst-case scenario is that your bank account will be emptied instantly. In less serious cases, your airtime balance or loyalty points may be defrauded.

How do you know if your SIM has been swapped?

There are two red flags that your SIM card has been swapped. First, you won’t receive SMS notifications from your bank anymore. Next, you suddenly won’t be able to make or receive calls or messages. 

How to protect yourself from SIM swap fraud

• If you receive an SMS that a SIM swap request is pending on your account, contact your service provider immediately. 
• The same applies if someone calls you up, telling you to ignore an SMS about a pending SIM swap request. Don’t ignore it!
• If you suspect SIM card fraud, tell your service provider to deactivate your SIM card immediately.
• Keep an eye on your mobile network connection and look out for signs of unexpected loss of service or reception. If you notice any unusual behaviour, immediately contact your mobile network operator to verify if a SIM swap has been initiated.
• Be cautious about sharing personal information, such as your mobile number, online or with unknown individuals. Exercise caution when providing confidential details on websites, social media platforms, or over the phone.
• Regularly check your financial accounts and set up alerts for suspicious activity. If you receive any notifications or messages indicating a SIM swap or unauthorised access, contact your bank or financial institution immediately.

Remember, prevention and awareness are key to combating fraud. Do the right thing. Report fraud wherever you encounter it and help us to improve the lives of our people and country.