To understand the risks associated with SIM cards, one first has to understand the concept of a SIM swap and how it can be used to defraud victims.
What is a SIM Swap?
The term “SIM swap” refers to the process of transferring sensitive information from one SIM card to another.
This process is perfectly legal when done with the consent of the SIM card owner. For example, someone who has lost their phone will need to conduct a SIM swap in order to keep their phone number and all associated information.
However, the SIM swap process can also be abused by criminals to defraud a victim. This is known as SIM swap fraud.
SIM swap fraud entails the fraudulent transfer of a victim’s SIM card user data to another SIM card operated by criminals. In other words, it involves the transfer of a user’s “identity” from their legitimate SIM card to a fraudulent SIM card.
To understand how this explosion in SIM swap fraud is enabling other forms of South African crime and harming South African businesses, click here.
Why is SIM Swap Fraud So Dangerous?
SIM swap fraud poses such a danger because by taking control of a victim’s phone number, criminals can intercept One-Time-Pins (OTPs) used to verify access to bank accounts and authorize various banking-related transactions.
The vast majority of SIM swap fraud is committed by criminals who use social engineering techniques to get sensitive information from the victim that can then be used to gain control over their SIM card and defraud them.
For example, fraudsters may pose as a consultant for your mobile communication service provider before reaching out and asking you to confirm your personal information. This information, such as login details or answers to security questions, will be necessary to verify your personal identity and authenticate the request to conduct a SIM swap.
This gives the criminals possession of your cellphone number and grants them access to all services that rely on your cell number for verification. The criminals may then assume your identity and intercept security measures such as One Time Pins (OTPs), which they can use to access your bank accounts, among other things.
How to Detect a SIM Swap
ThisIsMe offers several products designed to source and validate information concerning a SIM card.
These services include the ability to return and validate information associated with a SIM card, such as the associated mobile devices, crucial information concerning any SIM swaps that have taken place, and information concerning any individuals associated with the SIM card.
Such information is crucial for assessing and mitigating risks that businesses may be exposed to through their dealings with customers and business partners.
To understand how we can help your business mitigate the risk of SIM swap fraud, contact our team here.
Identity Verification, Data Validation and Enhanced Due Diligence Services for South Africa
As South Africa’s leading provider of world-class due diligence and remote-onboarding solutions, ThisIsMe is proud to be at the forefront of a trust-based and privacy-compliant digital world. To experience our full suite of advanced due diligence services, book a demonstration by contacting our team here.
