UAE Bank Customers Warned of ‘SIM Swap’ Fraud
DUBAI: UAE banks have warned customers against a new “SIM Swap” fraud, advising them to keep their phones switched on at all times, even while traveling.
In an email sent to its internet banking customers, RAK Bank was quoted as saying by Emirates 24/7 that the “SIM Swap” occurs when criminals fraudulently obtain a new SIM card with your existing mobile number, pretending to be you. It further says that once the SIM swap has occurred, your phone will show an on-screen notification from your service provider, with the notification usually reading, “SIM not registered”.
According to the bank, as soon as your mobile number is assigned to the new SIM card, the fraudster will be able to receive all your calls, and confidential banking SMS notifications which may also include one-time passwords sent by the bank.
The information can be used by scamsters to access your account and conduct fraudulent transactions, the report said.
The notice also states that the bank has stepped up its security of banking transactions, making it mandatory for customers to enter a telephone identification number when self-registering for mobile banking.
Customers are advised to contact the bank urgently if one suspects a fraudulent SIM swap, and contact Etisalat, and Du immediately, and visit their nearest outlet to restore their mobile services, the Emirates 24/7 report said.
Through its Twitter account, Dubai Police advised residents last week to type the bank website address into their web browser and never go to bank websites from a link in an email.