SIM Swap Scam
News | 07/18/2018

‘SIM Swap Scam’ affects many TSB bank Customers after a mishandled IT update!

About: Customers of the TSB bank fell victim to a SIM Swap Scam after a mishandled IT update caused 1.9 million customers unable to access online banking services. The fraudsters took advantage of this chaos to apply for new SIM cards to get OTP details for...  Read More  

| News | ‘SIM Swap Scam’ affects many TSB bank Customers after a mishandled IT update!

‘SIM Swap Scam’ affects many TSB bank Customers after a mishandled IT update!

It is becoming increasingly difficult to track the different ways that scammers are employing these days. Be it fraud phone calls, phishing emails, lottery scams, bit coin scams, donation scams, credit and debit card fraud and SIM Swap Scam. People are being scammed everyday by cyber miscreants by acquiring the personal details and sensitive information of a user. Many unsuspecting users have fallen into the trap laid out by these cyber crooks.

The customers of TSB Bank were affected by SIM swap scam due to the chaos created in the aftermath of a mishandled IT upgrade done by the bank. This affected 1.9 million customers who were unable to access online banking services of the TSB Bank.

SIM Swap Scam

An exact number couldn’t be confirmed on the total users scammed but there were reports where the victim saw their accounts being emptied. The user was made aware after he received a notification for a SIM swap which wasn’t requested by him. £2,500 was stolen from the account of another customer after they switched the mobile SIM illegally.

A phone is now considered an essential gadget by everyone. This communication device uses a Subscriber Identity Module or a SIM card to identify and authenticate the subscriber. But in recent events, cyber crooks have found a way to initiate a SIM swap for the victims that they target.

Crooks first track users with sufficient funds in their bank accounts. They then use phishing emails or calls to get access to your online bank login details and your credit and debit card details. Once they have access to these details they move onto the next step in their plan.

Most Banks use a two-factor authentication process when setting up a new payee. In this process a ‘one time password’ or an OTP is sent on the registered mobile number of the user that is connected with their bank accounts. This OTP is needed to complete the transaction and to avoid any mishaps. But, most crooks don’t have access to this specific detail even if they get access to your banking details.

To overcome this situation, the fraudsters convince the mobile network companies that there is requirement for a new SIM card to be issued on the same number. This is done by the scammers to get access to the OTP which is generated for Banking Transactions.

Banking fraud SIM Swap Scam

Different Mobile network provider companies require different information to carry out a SIM swap for a subscriber. But, the least they need is a Mobile Number and the serial number on the new SIM card. Many networks issue a new SIM easily and don’t verify if the request was made by the original user. It takes anywhere from 2 hours to 24 hours for the new SIM card to be activated. If the users are not careful, then they can lose their hard earned money in no-time.

If you find yourself in such a situation, where you haven’t requested for a SIM swap on your mobile number, then contact the Mobile Network Provider company immediately to get the number blocked and avoid any SIM Swap Scam.

The symptoms of a SIM swap include the phone losing the mobile network signal and increased amount of fraud calls on your number. It is advised to not turn of your device, after getting annoyed by these calls, as it makes the process easier for the scammers to get a new sim issued. The users should also check their online banking activity for any new transactions which were not authorized by them.

Users should always be wary of phone calls that ask for personal details. The bank, police or any other company never asks for personal details over the phone. Never do they ask for funds to be transferred from your account to another account for security reasons. Users should never grant access to their accounts over a phone call. If you have fallen for a scam then contact the authorities to immediately revoke permissions or block the account.

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