By using identity theft, fraudsters convince your mobile operators shop assistant that they are dealing with you, the account holder. Another way they can do this is by stealing passwords from employees at the mobile operator, in fact they have many ways of getting around security…because that’s all they do, working out ways to beat the “system”.
For Bill paying customers their SIM cards can be more easily redirected to a new SIM through the mobile companies customer care lines by answering a few personal questions such as a home address or work number, information easily accessed through social engineering/phishing. Typically these are actioned late at night to avoid detection – most people will be checking their phones less often and/or be on Wi-fi.
This can also be done with fake documentation in mobile network stores. Once they can convince the store assistant they own the number they can have access to your accounts.
Following verification, the original SIM is deactivated and the number is now pointed to the fraudsters SIM. This is where they move quickly to empty bank accounts. Since the original SIM has been deactivated, the real customer remains unaware of the fraudulent transactions being made on their account…until it’s too late.
Phonovation’s patented anti SIM swap attack software prevents this kind of attack using data only available to Phonovation. Phonovation’s service (Phonosecure STOP) checks if the current SIM card of the customer’s mobile phone can be trusted. If the number has been ported within a certain time period our service will flag the interaction as a possible fraud and direct the user to confirm certain details that only the customer and bank will know i.e. previous transactions etc.
Ask your bank if they are protecting you against SIM fraud or contact us at Phonovation:
8 Clarinda Park North,
Republic Of Ireland
+353 1 284 30 11