Share

SIM SWAP FRAUD: CONSUMERS MUST BE ALERT

accreditation

Although banks have measures in place to curb SIM-swap fraud, consumers must be vigilant, urged a specialist business and IT consultant.

Liron Segev, the editor and author of TheTechieGuy.com, said SIM-swap fraud is as much a reality as organised crime.

Fin24 has been inundated with reader queries from victims of SIM-swap and phishing scams. One such person is Solly Zaidel who lost over R100 000 and is currently approaching the Banking Ombudsman.

Cape Town-based corporate law activist and attorney Johan Victor is preparing to take the fight of several disgruntled clients to the courts.

He told Fin24 the losses of his clients run into millions, with the highest at present being R1.8m and the lowest R43 000. His clients bank with ABSA, Standard Bank, FNB and Capitec, while the mobile network providers are Vodacom and MTN.

Victor claimed it would appear that syndicates with members inside banks and cellphone companies work together to defraud unsuspecting consumers.

Get the best in Soccer, News and Lifestyle content with SNL24 PLUS
For 14 free days, you can have access to the best from Soccer Laduma, KickOff, Daily Sun, TrueLove and Drum. Thereafter you will be billed R29 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
Subscribe to SNL24 PLUS
heading
description
username
Show Comments ()
Voting Booth
SunFam, How do you normally spend Easter holidays?
Please select an option Oops! Something went wrong, please try again later.
Results
Going to church
29% - 62 votes
Hosting or attending a family gathering
12% - 25 votes
Chilling at home
53% - 112 votes
Working
7% - 14 votes
Vote
Let us know what you think

Contact the People’s Paper with feedback on stories and how we could make dailysun.co.za even better!

Learn more
Do you have a story for the People’s Paper?

Click below to contact our news desk and share your story with SunLand!

Let's do it!