MTN identifies & arrests a key player in SIM Swap fraud

MTN identifies Swap Fraud

In light of the recent epidemic in SIM SWAP fraud there are some great news from MTN – according to a MTN, they had 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.

The SIM SWAP scam works when the criminal obtains access to a customers’ bank accounts details including the PIN and passwords which is usually done via a phishing  attack (where the user is tricked into divulging his or her username and password) or when a customer‘s personal documents such as ID documents are forged.

Once in possession of these bank details, the fraudster performs a Sim Swap and gets possession of the customers’ phone number and thus receives bank notifications meant for the customer. This is the latest in a series of scams allowing fraudulent transactions to be made on a target’s account.

Says Lilly Zondo, General Manager Business risk: “MTN’s forensic team and Centurion’s Wierdeburg police have made great strides in the tracking and monitoring the suspect’s activities. A special team has been tasked with initiating security measures to protect MTN customers such as an improved authentication process when carrying out a Sim Swap. This delays the Sim Swap until the legitimate customer has confirmed the request via SMS. We continue to find and implement security controls to eliminate fraud using cell phones.

The matter is now sub-judice therefore MTN is unable to divulge further details regarding the case.

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