[imagesource:onfido]
SIM swap fraud, or SIM card swapping, is fast becoming a serious menace in our digital world.
These skelms use stolen sensitive data to hijack a mobile user’s SIM card. Once they’ve gained control of the phone number, they masquerade as the rightful owner, wreaking havoc by accessing bank accounts and siphoning off money. It’s a sneaky operation with devastating consequences, showing just how cunning criminals can be.
Fighting against cybercrime, the Hawks just busted six suspects accused of pulling off fraudulent SIM swaps to enable transactions worth a staggering R18 million.
Dikeledi Mosia (40), Jeana Mokoena (32), Daphne Dieketseng Modise (33), Tsietsi Shadrack Msimanga (28), Mongezi Dennis Malindi (32), and Reuben Allister Beeby (27) were arrested on Monday. The charges stem from fraud cases linked to Johannesburg dating back to 2022, TimesLIVE reports.
The case unravelled after Standard Bank flagged unusual activity in October 2021. Suspicious transactions were found in six business accounts tied to entities associated with Mukuru Group (Pty) Ltd.
According to Hawks spokesperson Capt. Lloyd Ramovha, the suspects allegedly orchestrated a fraudulent takeover of the Business Online Legacy profile. By manipulating mobile service providers to perform SIM swaps on their victims’ numbers, they facilitated unauthorised transactions that racked up a jaw-dropping R18,123,496.
“The prolific organised fraud involved a series of strategic moves to bypass security measures and exploit vulnerabilities within the banking system. These fraudulent activities caused significant financial losses and posed a severe threat to the integrity of the digital banking operations,” Ramovha said.
The six made their first appearance at the Palm Ridge magistrate’s court on Wednesday where the matter was postponed to Tuesday pending further investigations. More arrests are expected, said Ramovha.
The arrests so far mark a crucial step in addressing the growing menace of sophisticated digital scams in South Africa. Hopefully, our banks are taking steps to increase their cyber security.
[source:timeslive]
