The growing rate of Sim Swap fraud and why Fintech industry should be worried.
Mar 03, 2020
We understand the need to bring the best of your services nearer to your customers using the latest Technology, but as your customers get dependent on their mobile phones, it makes them liable to fraudsters. The fraud is known as Sim swap fraud. Sim Swap fraud is a form of identity take over theft in which an attacker convinces a network operator into switching a victim’s phone number to a new SIM card, thereby diverting incoming messages or calls. By so doing, they can easily complete the text-based two-factor authentication checks that protect your most sensitive accounts in order to gain access to bank accounts, credit card numbers and other sensitive information. The practice of SIM swap fraud is becoming more common, even despite numerous factors put in place by network operators to protect their users. To be honest, it is scary how fraudsters can overrun the safety protocol carried out by these operators.