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.