Cellular users are the latest victims of phishing scams to access their bank accounts, with the news the a number of cellular phone store workers have been arrested for performing illegal SIM card switches.
According to report in News24, SIM switches are usually done when customers' phones are stolen or damaged and they require a new SIM card to keep the same number.
Most banks use a system of sending a unique code or PIN (personal identification number) to a customer's cellular phone for certain Internet-based transactions.
If a crook has access to a user's bank account and can perform a SIM switch on his own cellular phone, he would be able to transfer money out of the victim's account.
The methodology argues that there is a fairly sophisticated criminal process as criminals would need to operate the SIM switching scam in conjunction with a phishing campaign to acquire unwary users' banking information.