Cyber Security

How SIM swap scam gives Cyber criminals’ access to financial details

Understanding Sim swap, what it is and how to protect yourself.

Understanding how SIM Swap scam work is the first step to guard yourself against cyber fraud. Kenya’s financial institution recently adopted an out of band authentication and sim swap detection solutions by Myriad connect. The new technology introduced by myriad connect will help secure digital and mobile transactions and protect consumers and financial services.

How to identify a SIM swap scam

What is SIM swap fraud?

SIM Swap fraud is identity theft that exploits the SIM system’s most significant vulnerability: which is the platform agnosticism.

It’s a way attackers are attempting to gain access to their target’s cell phone communications, either by social engineering their way through a telecom company’s customer care to get a SIM card replaced for an account the fraudster doesn’t have access.

Reliance on phone-based authentication has made SIM swapping an increasingly lucrative enterprise in the world. SIM swap fraud attacks usually aim at profitable victims that have been targeted explicitly through successful social engineering.

The SIM criminals gather enough information on a target; they mostly fake their identity to get these data.
Mostly, the attacker calls the victim’s service provider, and ask the customer service representative activate a SIM card they claim that his or her SIM card has been lost or damaged. Then, most cell phone service providers won’t acquiesce to those requests unless callers answer security questions, but SIM fraudsters come prepared, using the personal data they’ve collected from across the web to defeat the carrier’s security checks without raising any alarms. Once they’ve gained unfettered access to a victim’s phone number, criminals target bank accounts.

Signs of SIM swap fraud

It’s tough to detect SIM card fraud before it happens. Most victims discover they are under when they lose their network connectivity, which can be too late. Once a SIM Swap is successful, you will find out your current SIM is deactivated, messages, and calls won’t go through.

How to prevent SIM card fraud

Exercising a few common-sense rules will keep you safe. One should avoid sharing too much personal data online or with strangers and also check on what alerts can be set up with their bank or phone company to identify any attempts to access their account.

Read on how Remote SIM Swap is used by Scam Artists to Defraud Kenyans

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Collins Kipkemboi Korir

Techie, Software Engineer, Web developer, founder of Techchains, Cyber Security, #tech & #infosec Blogger, Ethical Hacker

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