What to do in the event you become a victim of SIM swap fraud


In  my previous  blog post I  spoke about the process of SIM swap and how it is  used to  defraud unsuspecting  individuals of moneys  from their account without their knowledge.

Today  i’ll be talking  about  what to do in the event that  you suspect that  you’ve become a victim of SIM swap. These are just stop gap  measures since there is no foolproof plan to prevent  the same

If you suspect you are the victim of a SIM swap scam, immediately call your mobile network operator for assistance. Be sure to call the right department. They may also have a form on their website for dealing with cases of fraud, which you can fill in, and they will assist you in an investigation of the matter.
Also make sure to call the appropriate department at your bank, and suspend all activity on your bank account, essentially locking it, so that nobody is even able to log in to your online banking profile.
If you are able to, you may consider accessing your online banking account, and changing your password, as well as changing your associated email address and mobile phone number, so the notifications and confirmation SMSes would arrive at a new number and email address. So even if the criminals succeed with the SIM swap operation, the number they have is no longer linked to your bank account. But I would more readily recommend that you just suspend activity on your account, especially in a panic situation or if you are unsure on how to go about doing all of that.
If money ends up getting taken out of your account, then you need to open a case with the police for theft, preferably within 48 hours of the fraudulent transfer or withdrawal of funds having taken place. During this process you may receive documentation from your bank’s claims department, which will aid in the investigation.

You might get your money back, and you might not. The banks claim that recourse depends on the circumstances of each case. In fact, some flat out refuse to reimburse a client, often claiming that it was the client’s fault – that they did something in order to help facilitate the theft. If you are fighting an uphill battle, it may be a good idea to get legal advise on the matter.

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