Sim Swap Fraud
<p>Protect your mobile Identity</p>
Cyber Security Incident Reporting Guidelines
At I&M Bank we value the trust and confidence our customers place in us to protect their sensitive information and digital assets. In the event of a cybersecurity incident, your prompt reporting is essential to help us address and mitigate any potential threats. This guide outlines the procedures for reporting cybersecurity incidents and provides important information on how you can assist in our response efforts.
Spot Phony Emails, Calls & Texts
Unauthorized Access: Any attempt to gain unauthorized access to your account, personal information, or digital assets.
How to Report
Email us at [email protected] or call 0719 088 000, 0732 100 000. The more details you give us, the better (sender info, attachments, screenshots, links).
Urgent Issues?
If you suspect a fraudulent transaction on your account, call us immediately.
Sim Swap Fraud
SIM Swap fraud allows criminals to take over your phone number and access your bank accounts by intercepting OTPs
What is it?
SIM Swap is a type of fraud that centers around taking over a victim's phone number and using the same to carry out mobile banking transactions or to receive One Time Passwords (OTPs) that authenticate other forms of digital transactions (internet and mobile banking). This feature is common where one has lost their phone or where their SIM card is dropped from the mobile phone operator network due to a line replacement by a fraudster.
How does it happen?
Fraudsters contact the victim's mobile phone operator and use social engineering techniques to convince the telephone company to provide a new SIM for the victim's phone number to the fraudster. A common method is to impersonate them and claim that they have lost their phone. If successful, the mobile phone operator approves the SIM swap.
What are the warning signs?
If sim swap fraud is successful , the victim's phone will lose connection to the network, and the fraudster will receive all the SMS and voice calls intended for the victim. This allows the fraudster to intercept any OTPs sent via SMS or telephone calls sent to the victim, circumventing any security features of accounts (i.e., bank accounts, social media accounts, etc.) that rely on SMS or telephone calls as a security factor.
How to Protect Yourself
Early Warning Sign
One of the main concerns of SIM Swap fraud is the fact that it is near impossible to detect it before or as it happens. You can only tell when you lose network connectivity, resulting in an inability to receive or make calls or messages.
Act Fast
It is wise to always act swiftly to minimize the amount of damage. Immediately report the matter to the mobile operator and other relevant agencies. Inform the bank as soon as you have any suspicions.
Stay Vigilant
As a preventive control, avoid sharing too much personal data online or with strangers. Also, check on what alerts can be set up to identify any attempts to access your bank account.
Tips to keep you safe across all your online platforms
Find out morePrivacy Notice
We are on your side and we care about you and your personal Data. Please read more on our privacy policy