SIM swapping

Your cellphone is used for more than just making and receiving calls. Banks and other financial institutions also use it for verifying your identify and confirming sensitive transactions.
 

SIM swaps can spell disaster

Because your SIM card is connected to your personal identity, fraudsters can use it for a number of fraudulent activities.

Typically, they'll approach your service provider posing as you requesting a transfer of your existing cellphone number to a new SIM card. They often produce a stolen or fraudulent identity document and are able to answer all your service provider's security questions as if they were you. They may obtain your personal information by contacting you and posing as a consultant and then requesting that you confirm your personal information with them. Or they may send you a phishing email. Whichever way they get your details, once they've used these to do a SIM swap, they're able to receive all your SMSs, phonecalls, banking notifications and SMS approvals.

Tips to avoid being a victim of SIM swapping
 

• Verify connectivity errors. If your phone loses connectivity for an extended period, don't assume it's your network. Phone your service provider and make sure there hasn't been a SIM swap on your account.
• Don't switch off in frustration. Before a fraudster does a SIM swap, they'll often call their victims repeatedly, hoping their victims will turn off their phone in frustration. This way, the swap goes ahead and you're none the wiser.
• Check your statement. Check your bank statement regularly and query any unauthorised transactions immediately.

If you notice anything suspicious, call your service provider on the following numbers:

• MTN 123 stop (123 7867)
• Vodacom 082 1946
• Cell C 084 140
• Virgin Mobile 0741 000 123

Remember: Nedbank will never call, SMS or email you to request that you confirm your self-service banking profile credentials, your passwords or your internet banking details.