SIM Swapping

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 will 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 have used these to do a SIM swap, they are able to receive all your SMSs, phone calls, 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.

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.