MTN clamps down on Sim Swap fraud
MTN participated in a SAPS sting operation that has led to the arrest of a key suspect said to be a key player in a recent spate of Sim Swap fraud (see Fin24 report).
A Sim Swap allows mobile network operators to issue a new Sim card to customers who have lost their cell phone and port the same number to the new phone.
MTN's forensic services team worked closely with the Wierda Brug police in Centurion to track down and arrest an individual linked to the fraudulent Sim Swaps of MTN customers and perpetrating further scams nationwide.
The scam works when the criminal obtains access to .a customers' bank accounts details including the PIN and passwords. MTN is not certain as to how this information is compromised, but understands that it can be done through phishing or when a customer‘s personal documents such as ID documents are compromised.
Phishing involves fraudsters sending e-mails to unsuspecting targets creating the impression that the e-mail comes from the customers' bank. Customers are asked to update their personal and banking data that allows access to funds.