Banks and other financial institutions use your cellphone as a way to verify your identify. Avoid SIM swaps with these tips.
Your cellphone is used for more than just making and receiving calls. Banks and other financial institutions also use it for verifying your identity 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
If you notice anything suspicious, call your service provider on the following numbers:
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.
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