Banking scam on cellphones

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MyWorld

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BANKING SCAM


You will receive a SMS from a number similar as the one that you get bank notifications from.

The SMS will indicate a problem on your account and a "consultant" will contact you.



*When the "consultant" contacts you he/she will start confirming all your details: account number and then ask you what kind of a phone you are using.



*The fraudsters will then contact your cell phone provider and perform a SIM Swap.



*The fraudsters will then be able to receive OTP's (One Time Pins) and/or RVN's (Random Verification Numbers) from your bank and have access to your bank accounts.



*By the time you realize that your cell number is not working your money will be out of your account.



Francois Groenewald
Specialist : Investigator

+27 21 940 97xx Office
+27 21 400 86xx Fax

Techno Centre

Cape Town
South Africa
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Just got this through the grapevine, seems legit so watch out people!
 
*The fraudsters will then be able to receive OTP's (One Time Pins) and/or RVN's (Random Verification Numbers) from your bank and have access to your bank accounts.
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so you gave out your password also ? the OTP should be useless without you account login+password.
 
It's a legit scam, happened to a few people I know where money was drawn out of their account. While the sim swap is being performed, your phone is basically useless, however the fraudster has access to incoming OTPs etc.

Fortunately my phone groups conversations by phone number, so I'll immediately know if it's not from my bank. In any event there's no way I'd give my banking details out to anyone who calls. If they're from the bank then they should have access to my details anyway, and there's no need for them to know what phone I have.
 
Confuse them

Mike Hoxbig said:
It's a legit scam, happened to a few people I know where money was drawn out of their account. While the sim swap is being performed, your phone is basically useless, however the fraudster has access to incoming OTPs etc.

Fortunately my phone groups conversations by phone number, so I'll immediately know if it's not from my bank. In any event there's no way I'd give my banking details out to anyone who calls. If they're from the bank then they should have access to my details anyway, and there's no need for them to know what phone I have.
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Just give them all the wrong information. That should keep them busy for a while until they found out that they're the idiots in their own game.
 
Anyone that gives his/her bank account no, card no, user name, password and PIN out to someone on the phone is just fricken stupid! :confused:

Why would anyone give that kind of personal info to just anyone who claims to be from their bank?

I don't get it?
 
My Standard Bank cellphone banking (*130*2345#) then is vulnerable. No passwords needed. Only the OTP. Plus this custom 5 digit number which is required when buying airtime for another cellphone and paying beneficiaries.
 
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