Duplicate SIM fraud continues to haunt telecom companies for failing to protect their customers

Fraud SIM replacement It wins because of its simplicity. This is an attack in which cybercriminals take control of a victim’s bank account by posing as an organization. They do this by duplicating the target’s SIM card, through which they spoof their phone number and start receiving messages from the bank, which are used to confirm password changes or money transfer transactions.

Sometimes, all the fraudsters have to do to get this duplicate SIM card is to ask the phone operator of which the customer is the victim. Spain’s data protection agency (AEPD) began imposing millions of dollars in fines in 2021 on telecommunications companies for failing to protect their customers against the practice, but three years later the embezzlement and sanctions continue.

Source: El Diario

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