Man Loses R300 000 In Sim Swap Scam That’s On The Rise

PICTURE: MyBroadband

JOHANNESBURG: An 85-year-old pensioner had R300 000 stolen from his Nebdank account last week in a sim swap scam.

The man’s son, who would rather not be named, revealed during a letter he wrote to CapeTalk to relay the experience. Forensic investigator Dr David Klatzow says the sim swap scam has become more prevalent over the past three years.

“There’s negligence and dishonesty in both sectors. It involves being able to identify where the money is… There’s a dishonest element within the cellphone industry,” he said. 

The victim received an SMS from his network service provider about his number being ported to another network operator. When his number was ported back some days later, he lost access to his internet banking service.

The following day, the bank established that two amounts of R150 000 had been transferred out of his account.

“The scam is a collaboration which involves the banking and the cellphone industry,” Klatzow explains.

He says that scammers exploit negligence when it comes to personal information and weaknesses in Rica regulation.

Klatzow has warned consumers to never give personal information out on the phone to anybody.