The rising statistics in cyber crime is alarming especially when the techniques and tactics used by fraudsters are constantly changing and blending with real issues or challenges on ground.
There is a new high tech fraud in town called subscriber identity module (SIM) Swap.
Hundreds of persons are already licking their wounds after losing millions of naira.
How it works?
Your phone network will momentarily go blind / zero (no signal / zero bars) and after a while a call will come through.
The person on the other end of the call will tell you that he is calling from your global system for mobile communication (GSM) service provider. The caller will tell you there is a problem in your mobile network.
3 The caller will instruct you to Please Press 1 on your phone to get the network back.
-At this stage, don’t press anything, Just cut or End the call.
If you press 1, the network will appear suddenly and almost immediately go blind again (zero bars) and by that action, your phone is #Hacked.
Within a second, your bank account, will be emptied thereby causing you untold damage.
It will appear as though your line is without network, meanwhile your SIM has been swapped.
The danger here is that, you will not get any alert of any transactions, so if you do USSD banking and mobile banking, beware and be very careful.