Personal Development, Business, Finance, and Investing for Everyone
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Be wary of SIM card scams. Be cautious against scammers who use SIM cards to deceive and steal their victims’ money.
Safeguard your Subscriber Identification Module (SIM) card!
Majority of banks and other financial institutions require Multi-Factor Authentication (MFA) in online transactions. This entails requiring customers to key in an OTP or password that they will receive via their registered mobile phone number, identified by a SIM card, before online transactions such as fund transfers can be completed. Fraudsters are therefore interested in this piece of information which is received on the victim’s SIM card for them to carry out unauthorized fund transfers.
Attack Type 1
Fraudster obtain personal and account details through phishing and other tactics. Once sufficient information is obtained, fraudster requests for a replacement of the victim’s SIM card from the mobile phone provider. The old SIM is then deactivated by the mobile phone provider, allowing the fraudster to access the victim’s accounts or make transactions since authentication verifications are now sent to the new SIM card in the possession of the fraudster.
Attack Type 2
Fraudster in the guise of a telco representative entices the victim to exchange his/her SIM card for a fake “promo.” Once the victim agrees, the fraudster either clones or steals the victim’s SIM card details and proceeds to access the victim’s accounts for unauthorized transactions.
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ABOUT THE BLOGGER
Hi, I'm Ralph Gregore Masalihit!
An RFP Graduate (Registered Financial Planner Institute - Philippines).
A Personal Finance Advocate. An I.T. by Profession. An Investor. Business Minded. An Introvert. A Photography Enthusiast. A Travel and Personal Finance Blogger (Lakbay Diwa and Kuripot Pinoy).
Currently, I'm working my way toward time and financial freedom.