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SIM-Swap scheme is a modus operandi that uses different types of methods to gather victims’ information. This scheme will start on phone number take over and can go as far as online account take over.

How this scam works?

The name "SIM-swap" comes from the method of fraudster taking over the victims' phone number by requesting for a SIM replacement. Fraudster will present fake IDs to make the telco employee believe that they are the real SIM owner. Once the SIM is replaced, the fraudster will use it to access the victim’s email and online banking accounts. If fraudsters are successful in account take over, they can have the authority to do fraudulent transfers.

How do I protect myself?

Do not post your important information online.
Coordinate with your telco for unexpected loss of signal.
Have an alternate email and use this for password reset. This is once the primary email was already compromised.
Set up an email/SMS alert on your online banking accounts.

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