{"id":571352,"date":"2024-11-22T14:00:00","date_gmt":"2024-11-22T12:00:00","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=571352"},"modified":"2024-11-22T15:22:13","modified_gmt":"2024-11-22T13:22:13","slug":"sim-swap-scam-warning","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/security\/571352-sim-swap-scam-warning.html","title":{"rendered":"SIM swap scam warning"},"content":{"rendered":"\n

The Communication Risk Information Centre (Comric) has warned about a surge in SIM swap fraud and other digital scams targeting South Africans.<\/p>\n\n\n\n

Comric CEO Advocate Thokozani Mvelase is calling for increased vigilance as malicious actors exploit vulnerabilities in mobile network systems to process fraudulent SIM swaps.<\/p>\n\n\n\n

By doing so, they can take control of a victim’s phone numbers and intercept sensitive communications, including one-time PINs for transactions and banking credentials.<\/p>\n\n\n\n

This enables fraudsters to steal funds from bank accounts and commit identity theft.<\/p>\n\n\n\n

These sophisticated schemes target both individuals and businesses and have become a significant concern in the fight against digital fraud in South Africa.<\/p>\n\n\n\n

“This is a direct attack on the trust and security of our digital systems,” said Mvelase.<\/p>\n\n\n\n

“The emotional and financial impact on victims is devastating, and the consequences ripple through families, businesses, and the broader economy.”<\/p>\n\n\n\n

Citing data from the South African Banking Risk Information Centre, Comric highlighted that SIM swap incidents accounted for nearly 60% of mobile banking fraud cases in 2023, with 5,709 reported incidents.<\/p>\n\n\n\n

Fraudsters have been exploiting a SIM swap loophole that requires the account holder to actively opt out of a SIM swap request<\/a> for it to be blocked.<\/p>\n\n\n\n

This presents a significant challenge when customers are overseas without SMS roaming or when different time zones result in the opt-out message being sent while the customer is asleep.<\/p>\n\n\n\n

Comric also warned about a marked increase in phishing attacks, social engineering scams, and fake investment schemes.<\/p>\n\n\n\n

It noted that South African individuals and businesses have already suffered substantial financial losses due to these malicious activities in 2024.<\/p>\n\n\n\n

Citing TransUnion’s 2024 State of Omnichannel Fraud report, Comric said 4.1% of digital transactions in South Africa in 2023 were flagged as suspected fraud, representing a 27% year-over-year increase.<\/p>\n\n\n\n

To combat these trends, Comric is collaborating with financial institutions, mobile network operators, and law enforcement agencies to strengthen security protocols, implement encrypted verification systems, and close loopholes.<\/p>\n\n\n\n

“Combating digital fraud requires more than just technological solutions \u2014 it demands collective action and a culture of vigilance,” says Mvelases.<\/p>\n\n\n\n

Comric also urges victims to report incidents of fraud immediately.<\/p>\n\n\n\n

“Fraud is a shared problem that affects us all,” says Mvelase. <\/p>\n\n\n\n

“This International Fraud Awareness Week, let us commit to safeguarding our digital lives, fostering a culture of security, and working together to create a safer, more resilient online environment.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Comric CEO Advocate Thokozani Mvelase issued a warning about fraudsters exploiting loopholes to complete unauthorised SIM swaps, putting victims’ sensitive credentials at risk.<\/p>\n","protected":false},"author":341076,"featured_media":545643,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[97860,75954,417,12743,19260,83791],"class_list":["post-571352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-security","tag-advocate-thokozani-mvelase","tag-communication-risk-information-centre-comric","tag-phishing","tag-sim-swap","tag-sim-swap-fraud","tag-social-engineering"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/571352"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341076"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=571352"}],"version-history":[{"count":3,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/571352\/revisions"}],"predecessor-version":[{"id":571364,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/571352\/revisions\/571364"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/545643"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=571352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=571352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=571352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}