SIM swap scam: Don’t be the next victim

You may have heard or read about fraud modus involving what is called a “SIM swap scam” and thought, how can this happen exactly? A SIM swap is the last step to be carried out by the scammers in order to take over an individual’s financial accounts, be it banking, trading, or credit cards.

SIM swap scam: Don’t be the next victim

The sneaky part of this scheme is that the victim is targeted long before the SIM swap. The fraudster has invested time to gather bank account numbers, email addresses, online credentials, personal facts, and identification together with the mobile number registered to the bank for sending a one-time password (OTP). The last leg will be to take over the SIM of the mobile number registered for the OTP being successfully sent.

Although it may seem safe to share your home address, birthday, school or company ID, passport details, the electric (or utility) bill, your dog’s name, favorite movie, or credit card photo on social media, such information may mean the difference between safety and danger. They may get the answer to your security questions from your favorite pet or movie title or even discover your password or Personal Identification Number (PIN) from your birthday or anniversary.

There are also phishing emails or text messages that may look like they came from a company you know and trust. They will often ask you to click a link or input sensitive data such as your password, PIN, government ID number, and account number. Following these instructions will compromise your data.

Scammers may also call you pretending to be telco or bank representatives requiring some personal information and bank details in exchange for some offers or perks. Bank statements, utility bills, delivery packages, and other documents that contain your personal information disposed of in an unsecured manner can also be a source of identity theft.

If you think you are a victim of SIM swap here’s what to do:

• Immediately change the password/PIN of your bank and digital accounts
• Inform the concerned bank about the incident
• Make your passwords unique and difficult to replicate

Globe Postpaid users may go to the GlobeOne app under “Account Requests” or call 211 to request temporary line disconnection. Both postpaid and prepaid customers may go to the nearest Globe Store to immediately recover their mobile number and get a SIM replacement.

Globe is also implementing stricter measures to prevent unauthorized SIM change. For replacement of lost SIM, this includes 24-hour SIM reactivation to allow a stronger customer verification. Also, a notarized affidavit of loss is mandatorily patterned with the banks which require the same document when replacing lost cards and other financial records.

ALSO READ: Globe takes lead in ensuring offline and online child safety

To know more about Globe, visit www.globe.com.ph.