SIM Swap Fraud Costing UK Banks Millions

SIM Swap Fraud Costing UK Banks MillionsA relatively recent trend for SIM swap fraud costs UK banks millions of pounds every year, according to a report by the International Business Times.

SIM swap fraud combines social engineering to first access a customers’ personal information — often in the form of bank statements or other information gleaned from social media — with easy access to a blank mobile phone SIM card.

When a criminal obtains a blank SIM card, they call the mobile operator used by the target, using stolen personal information to navigate the various security checks and claiming to have had their phone stolen. The mobile operator, if satisfied with the security checks, then cancels the ‘stolen’ SIM card and immediately activates the ‘new’ SIM card.

Once the criminal has hijacked the mobile phone of the target, they can request the unique code sent out by some UK banks to access the target’s online bank accounts and transfer money to an account of their choosing.

In March this year, Natwest admitted that its online banking systems were susceptible to the flaw. However, the bank is taking steps to ensure its systems are improved in future.

If your business has been a victim of fraud, financial accounting can help you track what is happening and discover where your money has gone, providing evidence to bring a successful prosecution. For expert help in forensic accounting contact Frenkels Forensics for an expert and independent appraisal.

We can help assist individuals, companies, lawyers, barristers and accountants in fraud investigations.

If you’re looking for advice in any aspect of forensic accountancy, then do get in touch via Twitter, Google+, LinkedIn or by visiting our website

By Vitek Frenkel — find me via Google+.

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