Yousef Selassie took control of 75 phone accounts held by individuals believed to own cryptocurrency.
South African banks can use MTN’s Subscriber Identity for Third Parties (SIFT) system to check if a SIM was recently changed.
UK police statistics show there is a disparity between the number of reported SIM swap frauds and the amount of attention they generate in the media.
The hackers known as ChucklingSquad have repeated their SIM swapping tricks with Jack Dorsey, founder and CEO of Twitter, becoming their latest victim.
A hardened 19 year old cybercriminal was only caught because the police searched his computer for sexual images.
Internet personalities James Charles, Amanda Cerny and King Bach all blamed AT&T for losing control of their accounts.
Banks and other businesses can safeguard against account takeover fraud by checking if a customer’s SIM has recently been replaced.
Serial fraudster Nicholas Truglia stole USD24mn of cryptocurrency from the account of entrepreneur Michael Terpin.
The telco unsuccessfully tried to blame the customer’s losses on his bank’s security procedures.
Fraudsters used the account of Bishop Thulani Xaba to send messages asking for financial help.