As of May 31, 2022, SIM swap fraud cases have escalated in recent weeks, with hundreds of innocent victims falling prey.
According to reports, fraudsters have been registering an existing mobile number on a new SIM card, which they buy from local shops, pretending to be the original owners who have lost their SIM cards.
Once they obtain the new card, they intercept all passwords and notifications, including mobile banking apps and transactions.
Victims are often left with empty accounts, and in some cases, they even suffer double losses after the fraudsters borrow to the max limit from lending apps.
Mobile service provider Safaricom has introduced a self-whitelisting service to aid its customers, enabling them to lock their own numbers and prevent SIM swaps without authorization.
To prevent SIM swap, customers can dial 100100# from their Safaricom number. This process cannot be done on behalf of someone else using their line.
"This is a service that ensures that a customer's line/SIM card can only be replaced by visiting a Safaricom Shop or Care desk with your ID, or by calling Safaricom customer care," Safaricom states on its website.
Security expert Hannington Oduor revealed the tricks used by fraudsters to successfully conduct SIM swaps.
"SIM-swap basically is a form of identity theft. In other circles, it's called impersonation," said Oduor. "The fraudster would call you, and play mind games on you. For instance, after you've received the call, he or she will refer to you by your full name, saying they're calling you from your network service provider."
According to Oduor, the fraudsters use two stages of deceit:
- Stage One: They win the victim's confidence by reading out their full ID number and asking them to confirm if the digits are correct.
- Stage Two: They issue instructions, which the victim follows, leading to the SIM-swap process.
Once the swap process is initiated, the network on the victim's gadget disappears, and the fraudster, armed with the victim's details, calls the service provider, claiming that they have lost their SIM and want to renew it.
The fraudsters then access the victim's mobile money, mobile banking, credit facilities, and other accounts, wiping out funds from the accounts.
