Your SIM Card can Make you Lose Millions; how to Stay Safe | Techpaded Blog

Your SIM Card can Make you Lose Millions; how to Stay Safe

Nowadays, scammers are on the rampage, using different means ans methods to rip innocent and unsuspecting people of their money. Well, it's worth noting that Subscriber Identification Module (SIM) card is now the new tool they use to perform their fraudulent acts.


Just last month, a certain Ricky Joseph Handschumacher was arrested by the police for using misappropriated SIM cards to pocket hundreds of dollars in digital currencies, including bitcoin worth up to $470,000.

He was part of a 9-man group that used SIM swaps to gain illegal access into victims' accounts. To start off the scam, the gang would call wireless providers and ask for a new SIM card. No red flags are raised because this process is considered to be normal. The plan also requires that there is an inside man.

When the gang gets the new SIM, they insert it into their own devices and gain access to the victim’s bank and cryptocurrency accounts.

Handschumacher and co finally met their end when the mom of one of the gang members called the police on her son after listening to him pretend to be an AT&T employee.

Possible solution to the problem

Our network providers should be more rigid in situations that has to do with SIM swap. One thing that can work is that customers pick up their SIM card physically at the nearest retail location, and should also be required to provide a valid means of identification such as a driver’s license or national ID card.

So when next you receive a message saying that your SIM has been updated without you actually initiating it, then you should call your carrier immediately.

Meanwhile, this is not the only way scammers use to operate, we previously shared an ATM scam method which has wreaked havoc to so many bank users till date. Although, the scene narrated above didn't take place in Nigeria, we can't deny the fact a lot of people here have also fallen victim to such scam.

So stay safe and share this post with your friends and family using the buttons below.


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