How Fraudsters Can Use SIM Cards To Empty Your Bank 

An arrested fraudster has admitted to using your phone to access bank accounts and steal money.

Many people are unaware, according to Ejes Gist NewsOnline Nigeria, that losing their phones to fraudsters can result in a complete clean-up of their bank accounts.

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Any banker will tell you about the hundreds of customers who have come pleading for help after discovering that the money in their bank accounts has either fallen short of what it should be or has turned red.

These con artists do so by stealing their victims’ identities, including their name, address, and bank account information, which they then use to gain access to their accounts. They also use the victim’s stolen identity to defraud others and apply for loans, leaving them in debt.

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A local fraudster confesses to stealing money from people’s bank accounts using their SIM cards after being apprehended by the police. He claims he can unlock, transfer, and withdraw from any SIM card that is linked to a bank account using “Wire Wire,” also known as “SIM transaction” or “Joker wire.”

The arrested fraudster confessed in a video posted on Twitter by Jubril Gawat, the Senior Special Assistant (SSA) on New Media to the Governor of Lagos State, Babajide Sanwo-Olu, that once he obtains such a phone, he easily gains access to it by dialling the code, 425100#, which reveals the bank account associated with the SIM card.FG Gives Nigerians 2 Week NIN Ultimatum , How Fraudsters Can Use SIM Cards To Empty Your Bank

How Fraudsters Can Use SIM Cards To Empty Your Bank

If it’s an Access Bank account, for example, he’ll dial 90100# to see the user’s account balance. He’ll then proceed to reset the PIN, prompting the bank to ask for the account holder’s account number and date of birth. He can easily find the account number because many people save it in their contact list.

He’ll then use the account number to obtain the victim’s BVN, which he’ll then use to obtain all of the victim’s information by dialling 5650#. He’ll use this information to reset the PIN, then create a new PIN using the date of birth. He’ll be able to withdraw funds from the account from there.

He goes on to say that if the SIM card holder is employed or has a salary account, he will be eligible for loans. He can hack any SIM card that is used to receive bank account alerts. He does it so well that the account’s primary owner will not be notified of any transactions.

He transfers the stolen funds to a “No Trace Account” (Aza) created with another stolen SIM card’s BVN, so the new account will be used to receive the funds and the owner of the stolen SIM card will be traced.

Even if he can’t find a SIM to use, he can still receive the funds if he can get the BVN.

It’s difficult to keep up with the numerous vices of internet fraudsters, who are constantly changing their methods to stay one step ahead of the authorities. Being a victim of fraud can happen to anyone at any age, and it can be very costly.

We have valuable information that we unconsciously release. And there are people who are eager to obtain such information. It’s always a good idea to be cautious about where and how we store our personal information.

# How Fraudsters Can Use SIM Cards To Empty Your Bank

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