Protect Yourself – A Guide On How To Avoid SIM Swap Fraud

Protect Yourself – A Guide On How To Avoid SIM Swap Fraud

Overview

    Fraud has been on the rise in recent years- especially in light of the popularity of digital solutions. With more people relying on technology, the digital revolution has become an ever-present reality in the lives of millions of people.

    Mobile technology is a factor that has led to the improvement and destruction of some systems. More people use mobile technology as a primary means of communication now more than ever, which is why it’s become more important to keep up-to-date with the latest tricks used by scammers.

    SIM cards are used for mobile technology and have become an essential tool for communicating. For many individuals who have come to rely on mobile banking solutions, it’s become essential to put in the necessary measures to protect one from fraudsters.

    For instance, customers are increasingly adopting mobile and online banking, so banks are also offering simpler and more convenient banking services.

    More banks are expected to scale back on the physical world and will be investing more in the digital world. Through the introduction of mobile banking, more customers have become accustomed to simpler banking solutions through cellphone banking. This has also placed even more pressure on mobile networks to put in the necessary safety measures for their clientele.

    SIM swap fraud has been used by scammers to steal money from the bank accounts of unsuspecting individuals. According to the Banking Services Ombudsman cellphone banking has also been blamed as one of the top contributors to an increase in SIM swap fraud.  Although the statistics can be alarming, there are some things that customers can do to protect themselves and to avoid SIM swap fraud.

    How To Avoid SIM Swap Fraud

    There have been many scandals with some of the large network providers in SA, showing that Sim Swap Fraud is very much alive and well… Never share your cellphone banking PIN or personal information. Banks will never ask you for your PIN or password by email, SMS, phone or face-to-face.

    If your phone is lost, contact your bank immediately to cancel your cellphone banking. Do the same if you receive a message about an unauthorized SIM swap.

    Be conscious of your cellphone’s connectivity status and ignore unsolicited messages asking you to disclose confidential information.

    Categories: General

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