Fraud can affect anyone but staying informed and vigilant can make a big difference. At OakNorth, we’re committed to helping you keep your money safe, so let’s dive into a specific type of fraud you should know about: SIM swap fraud.
What is SIM swap fraud?
SIM swap fraud occurs when a fraudster gathers your personal details, such as your full name, email address, and phone number, contacts your mobile provider, and poses as you to request a SIM swap, transferring your mobile number to a new SIM card. Once they have access to your phone number, they can intercept messages—including the security codes often sent by banks—giving them a chance to access your bank accounts and other information.
How to protect yourself from SIM swap fraud
The good news is that there are several steps you can take to reduce your risk:
1. Secure your mobile account
Add a PIN or password to your mobile account. This extra step can make it harder for someone to impersonate you and request a SIM swap with your mobile provider.
2. Limit what you share online
Avoid posting personal details, such as birth dates, addresses, and phone numbers, on social media. Fraudsters often piece together these details to impersonate you.
3. Stay alert to SIM-related notifications
If you get an unexpected notification about a SIM change, or if your phone suddenly loses service without a reason, reach out to your mobile provider right away. These could be signs of a fraudulent SIM swap attempt.
4. Be cautious of unexpected phone calls or emails
If you receive an unexpected call or email asking for personal details, especially urgently, be cautious. Fraudsters may pose as legitimate entities, like your bank, to gather information. Only provide sensitive information if you are completely certain of who you’re communicating with.
5. Watch for suspicious activity on your accounts
Stay vigilant about unusual activity, especially if you receive two-factor authentication notifications or login alerts from unknown locations. If you notice anything suspicious, change your passwords immediately and notify the necessary parties. Additionally, if a website looks suspicious, make sure it’s secure by checking for “https://” in the URL before entering any personal details. These small checks can go a long way in protecting your accounts.
Recognising SIM swap fraud
Here are some warning signs that could indicate a SIM swap fraud:
- Loss of signal: If your phone loses service without explanation, it could be because your number has been moved to a new SIM.
- Unusual account activity: Keep an eye on your accounts for any suspicious transactions or login attempts. Fraudsters often test small amounts first before attempting larger withdrawals.
- Failure to receive security codes: Not receiving your usual SMS security codes? This can indicate that someone else may be receiving these messages.
General tips to prevent fraud
In addition to protecting against SIM swap fraud, here are some other essential fraud prevention steps:
- Monitor your accounts regularly: Check your balances and recent transactions to catch any unusual activity early.
- Use strong, unique passwords: Avoid using the same password for multiple accounts and create complex passwords that aren’t easy to guess.
- Be cautious of phishing: Be mindful of unsolicited messages asking for personal information, and never click on suspicious links in emails or texts.
- Report anything suspicious: If you notice any unusual activity, contact us immediately on 0330 380 1181. Our team is here to help.
Get in touch
If you suspect any fraudulent activity, don’t wait. Contact our 24/7 Fraud Hotline at 0330 380 1181 for immediate assistance.
By staying aware and following these steps, you can help keep your finances safe and secure. Remember, we’re here to support you every step of the way.
