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How to stop SIM card scammers from draining your bank account?

| SIMonline / Security 2018-11-06 16:34:00

If you haven’t experienced a SIM fraud, consider yourself lucky. This is a relatively new, complex form of fraud that allows hackers to access bank accounts, credit card numbers, and other personal data. It’s hard to notice and even harder to undo the damage received.

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This is a growing trend. According to the Fair Trade Commission, in January 2013, 1,038 cases of incidents involving SIM theft were registered, which is 3.2 percent of cases of identity theft this month. By January 2016, this number increased to 2.658.

But there is hope. Knowing the basics of SIM fraud can help protect you from the most common forms, and recognizing the perfect attack will help you deal with the worst consequences.

What is SIM fraud?

The mobile phone’s SIM card stores user data in GSM (Global System for Mobile) phones. They are mainly used to authenticate subscribers to cell phones - without a SIM card, GSM phones cannot connect to any mobile network.

SIM card fraud is a type of identity theft that exploits the biggest vulnerability of the SIM system: platform agnosticism.

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