How Scammers Rob your Bank Accounts with Your Sim Cards

Ever wondered how scammers access the money in your bank accounts when they get hold of your sim cards without necessarily needing any info from you?

After reading this article you'd see the risk attached to losing your phone to scammers and you'll put in more effort in keeping your phone safe at all times.

Fraudsters are liable to get your name, date of birth, BVN, address, and bank pieces of information which they can use to penetrate into your bank if they get hold of your sim card.

Most scammers might even go as far as applying for loans on your bank account or defraud other related people leaving the victim with debts.

And you should also know that recovering this kind of money is close to impossible because they'll clear your bank without any trace.

Well, below are the method used by fraudsters to clear your bank account with your phone.

How Scammers Rob your Bank Accounts with Your Sim Cards

A recent study shows that a fraudster does something called "Joker Wire" which will enable him to unlock and transfer transactions from any sim that's linked to a bank via USSD.

For instance, if it is an FCMB Bank account, he will dial *329*00# to show the users account balance. He will then proceed to reset the PIN, and the bank will ask for the account number and date of birth of the account holder. Since a lot of persons save their account number on their contact list, he/she can easily get it there.

He will then proceed to use the account number to get the victim’s BVN, then use the BVN to get all his/her details by dialling *565*0#. With this information, he will proceed to reset the PIN, then use the date of birth to create a new PIN. From there, he will be able to transfer money out of the account.

To make things worst, if the victim is a salary earner and is eligible for a loan then they'll go ahead to request a loan on his behalf.

These transactions are done without stress because, during this period, the owner of the account cannot receive an alert on any happenings in his account.

He transfers the stolen money to a “No trace Account” (Aza) using another stolen sim with its BVN to create it,

So the new account will be used to receive the funds and the owner of that stolen SIM card will be the one that will be traced.

Even if he does not see a SIM to use, as long as he can get the BVN, he can use it to receive the funds.

So, with the above doings it's necessary we keep to the below things:

  1. Keep the sim cards linked to your bank safe.
  2. Don't save sensitive information about you in your phone book or message draft.
  3. Jealously guide your ATM card.
  4. Try reaching out to your bank as soon as you loose your phone theft so your account can be frozen.
  5. Do not disclose your BVN except when necessary in banks and other financial institutions for verification.
That been said, It can be tough to keep up with the many vices of internet fraudsters, who are constantly changing their techniques to keep ahead of the authorities. Being a victim of fraud can affect people of any age, and it can cost a lot of money.

Some of us give out valuable pieces of information easily unconsciously and there are fraudsters out there waiting to feed on this informations. It is advisable to always be careful of where and how we store our personal information.

That's all.

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