How fraudsters can use your sim card to empty your bank accounts or borrow a loan from bank

Fraudsters are everywhere, and they are developing a new strategy everyday to withdraw money from people’s bank accounts. The method of calling people on phone using bank identity to request their ATMs Card details is not working for them again. In this article, I will be sharing with you how Fraudsters can use your SIM card to empty your bank account or borrow a loan from your bank.

The fraudster can get your registered SIM card from your stolen phone or clone your phone number using the SIM cloning tool or cloning Application.

They will dial the USSD code to show the bank you are using. Then, dial your bank USSD code to know your account balance.

The next thing is to reset your Transfer pin code so that they can easily transfer money out from your account. To reset the pin, the bank will ask for the Account Number and date of birth (DOB). Fortunately for them, some people save their account numbers and BVN on their phone contacts. If they can’t find your BVN on your contact.

By dialing *565*0, they can get your BVN. They will use your BVN to bring out your account number and DOB. Then, change your Transfer PIN code and start to transfer your money out from your bank account.

If you don’t have money in your bank account, they will use your bank account to apply for an instant loan from the bank.

Advice

The best way out is to lock your SIM card by putting in a password. You can also put a withdrawal limit on your mobile banking application.

Photo: reacted when people see debit alert

Have you been duped before?

Kindly narrate your experience in the box below, and share the post on other platforms for people to read