We’re looking at something topical this month, because we have been hearing about numerous “SIM swap story” fraud attempts by phone call. This one is clearly doing the rounds, so let’s unpack it and keep you forewarned.

First up: what’s a SIM card and why does it matter?

For the sake of completeness, let’s lay it all out. A SIM card is a tiny piece of plastic inserted in your phone on purchase, and it matches your phone number to your mobile phone handset. When you move an active SIM card from one phone to another, you are effectively moving the phone account. So, whoever controls the SIM card controls your phone number and account.

As you are aware, your smart phone can be used to operate your bank accounts, with security passwords being sent to your phone number. Reason enough why it’s important to keep your SIM card, phone and accounts out of the hands of tricksters.

Now, how does the SIM Swap Story Scam work?

You receive a call on your mobile phone from someone who claims they are calling from your cellular service provider. The call goes like this:

“Someone has walked into our store claiming to be you and reporting a damaged SIM card for this phone number. They want us to do a SIM swap, however, we are suspicious. Please confirm that you have NOT requested a SIM swap?”

Once you confirm that you are NOT requesting a SIM swap, the caller says, “I am activating a special code to lock this impostor out of our system. Once you receive it (via SMS), please read it out to me and I will use it to secure your phone account.”

I imagine your Inner Guard Dog is on high alert right now.

At the mention of anyone requesting a security code, password or PIN over the phone, you should be thinking, “Don’t do it! Never give a security code to anyone over the phone!”

But this is where things go wrong, because these tricksters can be patient and persuasive. They carefully avoid using phrases like “One-time PIN” and other familiar, security-speak that might trigger your defences.

So how do you avoid getting caught by the SIM Swap Scam?

Use this phrase: “Thank you, I will contact the company fraud line directly.”

Then end the call and do just that – contact your cellular phone service company immediately via their direct, official fraud phone number.

This advice is simple but we know it’s not necessarily easy when you’re put on the spot and feel that your financial security is under threat.

Here are four steps to help you react well, on autopilot:

• Find the direct fraud hotline numbers for your mobile phone service provider and also for your bank. You will find them on the official company websites.
• Record them on paper and put them in a physical place where you can easily see them in a hurry, e.g., the door of your fridge.
• Also store them in your mobile as phone contacts, in case you are not at home when you need them. Name the contact “Fraud Hotlines” so that you don’t have to remember specific company names under pressure.
• This is a bonus step, and it might sound silly, but it does help: read the phrase out loud a number of times – “Thank you, I will contact the company fraud line directly.” – and prime your brain to deliver the line automatically, with actor’s aplomb, when you need it!

And yes, use this phrase for suspected bank fraud calls, too.

Keep your head and dial the official fraud hotline immediately and you’ll be doing everything you can to safeguard your accounts and SIM card.

If someone has tried to get control of your SIM card, it could mean that your bank accounts and email passwords are already compromised. Getting access to your SIM is therefore the last step to getting unfettered access to your accounts.

Your financial security is of great importance to us so if you have any questions or concerns, please do not hesitate to reach out.