Writer: ABHULIMHEN THERESA
Mobile banking is convenient, but it also comes with risks, especially when it comes to protecting your financial data.
The Central Bank of Nigeria (CBN) has reported that electronic fraud (e-fraud) has cost the banking sector and payment systems network N9.5 billion so far this year.
Musa Jimoh, the CBN’s Director of Payment Systems Management and Chairman of the Nigeria Electronic Fraud Forum (NeFF), warned that cybercriminals could “take us down and disrupt the entire system” if they are not stopped.
He called for stakeholders to work together to develop new techniques to combat e-fraud.
SIM card fraud is a growing threat, as criminals have developed clever ways to exploit this vulnerability.
This can put your bank accounts and sensitive information at risk.
Among the various SIM card frauds, here are five frequently encountered schemes.
1. Account Takeover:
Bank account takeover is the most common type of SIM card fraud.
Scammers gain unauthorized access to your SIM card, which allows them to break into your bank accounts. Once inside, they can steal your hard-earned money, leaving you in financial trouble.
2. Vishing:
This is a type of phishing scam that is done over the phone. In this type of scam, the scammer calls you pretending to be from your bank or another trusted organization. They then ask you to verify your personal information or to reset your password.
3. SMishing:
This is another type of phishing scam that uses text messages to trick people into revealing their personal information or clicking on malicious links. Scammers often impersonate banks or other financial institutions to make their messages seem more believable.
4. SIM Swapping:
Here, the scammer tricks your mobile carrier into transferring your SIM card to a different device. This gives the scammer access to your phone number and all the communications associated with it, including text messages, phone calls, and one-time passwords (OTPs).
5. One-Time Password (OTP) Intercept:
One-Time Passwords (OTPs) provide an additional layer of security for online accounts. However, scammers exploit SIM card fraud to intercept OTPs delivered via text messages.
Once in possession of these codes, they can gain access to your online accounts, including those linked to your bank.
How to Protect Yourself from SIM Card Fraud
There are a few things you can do to protect yourself from SIM card fraud:
1) Keep your phone safe and secure: Don’t leave your phone unattended in public places and use a strong password or PIN to lock your phone.
2) Be careful who you give your personal information to: Only give your personal information to trusted organizations and be careful about clicking on links or opening attachments in emails or text messages.
3) Set up two-factor authentication (2FA) on your online accounts: 2FA adds an extra layer of security to your online accounts by requiring you to enter a code from your phone in addition to your password when logging in.
4) Monitor your bank accounts regularly: Review your bank statements regularly for any unauthorized transactions. If you see any suspicious transactions, contact your bank immediately.
If you think you may have been a victim of SIM card fraud, contact your mobile carrier immediately.
You should also contact your bank and other financial institutions to let them know.
