Nigerians count losses as SIM swap fraudsters empty bank accounts | The Guardian Nigeria News - Nigeria and World News

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A SIM swap fraud happens when someone convinces your carrier to switch your phone number over to a SIM card that a criminal possesses. In some cases, there are carrier’s employees working together with criminals. Nigeria Fraud BankFraud SIM

She sighed, lamented and was in tears as she narrated her ordeal with the fraudsters, who illegally cleared her bank account.

“I left the bank to lodge a complaint at the Airtel Office. I was not given any substantive reasons of how money was fraudulently transferred from by account.” A customer, Olabode Sindiq, with a Union Bank account 00106679** alleged that N49, 500 was deducted from his account on April 25 and 26, 2019 through a POS machine with code:

“I am confused now because I needed the money for a project to be executed within a week and that has been delayed now. If Nigeria is to operate a cashless system, we should make it perfect; we should not subject people to sufferings over their hard-earned money. I hope the bank could facilitate the process and get my money refunded because I suspect foul play, a fraud,” Sindiq said.

According to the National Fraud Intelligence Bureau, the SIM splitter’s first step is to access your personal information. This can be achieved through bank statements, as well as increasingly through scouring social media profiles. According to him, the total money lost in the attacks varies by country: there are extreme cases, such as one in the United Arab Emirates, where one victim lost $ 1 million, while in South Africa one victim reported losing $ 20,000. “In average, fraudsters can steal $2,500 to $3,000 per victim, while the cost to perform the SIM swap starts with $10 to $40.”A telecoms expert, Kehinde Aluko, blamed the rise in the menace on the economic situation in the country.

Oladimeji explained that he was a footballer and he had come back to Nigeria after he concluded his two years contract with Alain FC in Dubai. He said he had N7 million after he came back and invested N5 million in business. He said: “When I came back from Dubai in 2016, I brought N7 million, out of which I gave one Mr. Shola N5 million for a genuine business with NUPENG. Unfortunately, the man died.

‘’Locking of phones with password does not stop me from hacking into any account, as long as I can lay my hands on the SIM card. All I need to do is to remove the SIM and slot it into a small phone. The only thing that can prevent me from hacking into account through a phone is when the SIM card itself is locked. But most people don’t lock their SIM cards, they only lock their phones. You can only beat my likes to the game if you lock your SIM card because only the owner knows the password.

 

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