FIA forewarns people of SIM swap scams who are using mobile banking
ISLAMABAD: The Cyber Crimes Wing of the Federal Investigation Agency forewarned the general public about high-tech fraud. It is known as SIM swap fraud.
The alert cautions people to be vigilant, as fraudsters are stealing money from bank accounts through this scam by accessing cellphone users’ bank accounts.
According to the FIA’s Cyber Crimes Wing, hundreds of bank account holders have fallen victim to this new fraud.
According to FIA, the fraud has also surfaced in Pakistan. The scam involves fraudsters taking advantage of the phone network of bank account holders to withdraw money from their accounts.
In this fraud, the caller will pretend to be from the victim’s cell phone company and instruct them to press digit 1 to restore their network. If the victim presses digit 1, the fraudster gains access to their phone and bank account. The victim will not receive any alert from the bank.
The FIA’s Cyber Crimes Wing has urged people to hang up the call instead of pressing any digit. Pressing digit 1 can result in the network suddenly opening and closing.
This scam is known as hi-tech fraud or SIM swap fraud and can cause a person to lose all the money in their bank account without any warning.
The FIA’s Cyber Crimes Wing has also warned that victims will not receive any instructional alerts and that their telephone SIM will be swapped during the scam.
Pakistanis who use USSD banking and mobile banking have been urged to be cautious at all times and to remain alert to this threat.
