How this scam works
Your mobile phone number is an indispensable part of your online business transactions and e-Banking. You use your mobile phone for all online services, from sending OTC codes to receiving myAlpha Codes. Of course, scammers who use SIM swapping know that.
About SIM swapping
SIM swapping is actually a service offered by mobile service providers when you have lost your phone or want to buy a new one while keeping your number. Scammers use various methods to get your SIM card.
SIM cards are very important for your transactions, and scammers will pretend to be the actual owners or to act on your behalf, in an attempt to scam the service providers and get their hands on the new SIM. If they are successful, your old SIM will be deactivated. Therefore, they will be able to access OTC codes or myAlpha Codes originally meant for you.
How scammers manage to access your e-Banking
On its own, a SIM card is not enough to provide access to your company’s e-Banking. However, SIM swapping is usually part of a wider scam. Before that final step, scammers have previously managed to steal your credentials through phishing, smishing or voice phishing.How to protect yourself
Be mindful of your phone’s operation
If you notice that the phone you use to carry out business transactions has suddenly stopped receiving calls and SMS texts although reception was fine until a little while ago, or your phone prompts you to enter a SIM card with no apparent reason, contact your service provider immediately.
Protect your mobile phone number
Do not share your mobile phone number on social media. Never answer messages from strangers asking for your account details and registered phone number, and never disclose this information to strangers who ask over the phone.
Notify your bank
If you fall victim to SIM swapping fraud or notice transactions you have not authorised, you must notify your bank immediately.
