How To Prevent SIM Swap Fraud Attacks

The Easiest way to Prevent SIM Swap Fraud Attacks

Reader’s of InfoLeading Blog, you are welcome. I will be sharing in this post, how to protect yourself from or prevent SIM Swap fraud attacks. A recent study shows how easy it is for hackers and fraudsters to control of your mobile number, which usually leads to thousands of fraud.

Sim swap fraud

SIM swapping is now becoming very common, and telecom companies are doing their best to safeguard their network. It is very scary how hackers are still able to by pass a phone number.

The SIM card is a small plastic chip that enables your phone to connect to cellular network. It also provides us with the phone number people will use to contact us. We don’t think of SIM cards, only maybe when we buy a new phone.

But here’s the raw deal, hackers know that it is only through SIM cards, carrying your phone number that they can easily take over and have access to your online accounts.

Phone number theft is 100% real and most people don’t think is even possible. But this is not a hard nut to crack for hackers which gives them opportunity to take over your online accounts.

As we all know that the world is in evolution, and almost everything is online. We now use our mobile phones for internet banking which saves time and reduces stress. But do you know that it’s also risky too, so you need to prevent SIM swap fraud. Whereby scammers blocks your SIM and reactive new SIM cards just to hack into your bank accounts.

What exactly is SIM swap Fraud?

SIM swap fraud is a type of phishing fraud that has become a very serious threat to customer and bank security. These hackers and fraudster acquires an individual’s banking details through phishing applications or by buying them from organised crime networks.

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How does it work?

As the name implies, the scam aims to transfer your mobile phone number to another New SIM card. The process is quite simple for the hackers but it involves several steps.

Below are certain things to take note of:

According to the National Fraud Intelligence Bureau, the SIM swap fraud hackers first step is to access your personal information. This is done through your bank statements, and also through checking social media profiles.

The hacker will get a blank SIM card and dials your mobile phone operator. With your personal details they have gotten in hand, they by pass security checks and report your phone stolen.

At this very junction, your SIM will be blocked and then the hacker will activate the ‘new fresh’ SIM.

While the victim is still left without service or network, the hacker is now able to access all your texts and calls, including those unique codes that your bank sends you to access their online system. The hacker has free access of your bank account and can transfer your funds wherever he or she wishes.

Signs of SIM swap Fraud Attack 

It’s very difficult to detect SIM swap fraud before it occurs. Most victims will find out they’ve been hacked only when they try to make a call or text.

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Once the hacker deactivate a SIM, you wont receive messages and calls again. But some banks and networks have active protections that prevent SIM swap fraud before it happens.

There are so many technical methods to battle and prevent SIM swap fraud attacks. From enabling user alerting and additional checks for SIM card reissuing to educating and sharing knowledge of SIM swap activity between banks and mobile phone companies and network.

Banks are fully aware of SIM swapping and have already taken some safety steps to secure their infrastructure.

But, as it is with most scams, it is still possible to at least reduce the chance of you becoming a victim.

Safeguarding your information and your device to prevent Sim swap fraud attacks 

For the sim swap scam to be successfully carried out, hackers must have access to personal information. This is usually possible through buying a victim’s details from organised crime networks, that gets your information via Trojan malware, and from social media networks.

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The only way to stop and prevent Sim swap attacks is by blocking their potential access routes through:

1.) Making sure that your mobile phones have active firewall and anti-virus protection. There are a lot of good and free applications for this.

2.) Download programmes, applications and information from a known and trusted source. Hackers will tempt and trick you into downloading their phishing software.

3.) Don’t just drop your bank details on any website. Make sure the site is what it says it is before entering your bank details. Scammers will duplicate a website in other to steal your information. A website’s details are mostly accessible through the padlock on the browser bar.

4.) Try to Keep personal information intended for answering security questions off your social media (e.g. birth of date, first pet, first school).

5.) Always make use of strong passwords. A very strong password is from twelve and above characters with strings of letters, symbols and numbers will help prevent sim swap fraud attacks.

So all these above information is what you need to do in other to prevent sim swap fraud attacks and cyber fraud too.

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