Branch Network

Information and awareness-raising on the “SIM Swapping” fraud typology

The use of the mobile phone number as one of the main and basic elements for the strong and reliable identification of its owner/subscriber, is an international practice that organizations, companies and the public sector employ for the services that they offer.

Banks are no exception to this practice, as they use their customers’ mobile phone number as a means for sending one-time passwords (OTP) that enhance the security of electronic transactions (fund transfers, card-based purchases, etc.) and security alerts for the executed transactions, as well as for the purposes of their customers’ remote signing up for new services.

What measures Banks are taking

Banks cannot know if a subscriber has been the victim of SIM Swapping fraud or phishing, or if their computer has been infected with malware and their passwords have been intercepted.

Banks always aim to ensure the security of electronic transactions in line with current technical and technological developments and global best practices in the field of information security, as well as with the applicable laws and regulations. In addition, they place great emphasis on the user experience and speed of the services that they provide to their Customers.

Cyber fraud is a widespread problem whose deterrence or prevention requires the collaboration of the many individual parties that are involved in payment processes. Especially in the current period, in which the use of electronic services has increased significantly worldwide due to the coronavirus, the perpetrators are trying to take advantage of the particular circumstances by increasing their attempts at data interception. The Hellenic Bank Association has set up a special Committee for the Prevention and Management of Fraud in Payment Instruments and Systems, whose purpose is to monitor and process related information and data, and to provide guidance in this area. The Committee coordinates the cooperation with the Cyber Crime Division of the Hellenic Police and with the Bank of Greece, and cooperates systematically with other competent bodies in Greece and abroad.

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