In South Africa this type of fraud more than double in the last year, according a report of South African Banking Risk Information Centre .
Many African countries are suited to mobile payment methods. In fact, research notes that at the end of 2017, there were 135 live mobile money services across the Sub-Saharan African region, with 122 million active accounts. “Despite financial inclusion services prospering, the flip side to this is that it opens up a world of opportunities to cybercriminals and fraudsters who are using the convenience a mobile phone offers to exploit and poke holes in a two-factor authentication processes.
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,” conclude Assolini.
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