Chris Sims’ account emptied and loan for £8000 taken out as fraudsters continue to exploit way banks exercise customers mobilesChris Sims was sitting in his Nottingham home a fortnight ago when his iPhone,on the EE network, suddenly stopped working. Within 75 minutes the fraudsters who had hijacked his phone had, and through his online banking app,emptied his bank account of £1200 and applied for an £8000 loan in his name. But Sims is just the latest victim of a financial scam that is sweeping Britain: sim-swap fraud.
When Sims rang EE, it soon emerged that someone posing as his wife had managed to persuade the mobile network to activate a current sim card – in effect giving the fraudsters control of his mobile number. The crooks were then able to reset all his mobile banking passwords, and using his phone as identity,and the passwords being sent to the phone.
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Source: theguardian.com