Lurking danger in SIM swap fraud: What is it?

Monday, 3 August 2020Newsdesk

SIM hijacking is a dangerous form of digital hijacking, And it uses a really simple ruse. IT security experts describe 'SIM swapping' is a growing nightmare. It is difficult to figure out how many mobile phone users have been hit by a SIM swap fraud. Customers, the banks, phone companies and the courts are all drawn into the money trail left by SIM swapping hackers. SIM swap fraud cases have emerged in different parts of the world, including the UAE.

New Delhi, 03 August 2020

As per news report of Gulf News, a SIM swap scam is a type of account takeover fraud that generally targets a weakness in two-factor authentication and two-step verification in which the second factor or step is a text message or call placed to a mobile telephone. SIM swapping occurs when someone (a hacker interested in cleaning your bank account) contacts your wireless carrier and is able to convince the call center employee that they are, in fact, you. The ruse is relatively easy. All a fraudster needs to out the SIM swap fraud are the name and mobile number of an individual being targetted by the attack. Security experts say this "simjacking" is increasingly becoming more common.

Source -Gulf News