Globe Telecom Inc. warned the public on Sunday about the resurgence of a so-called SIM swap scam.
It involves a fraudster gathering various information from a target individual for the first few days or weeks of the scam. These include personal information, e-mails, bank account details, and trading information, among others.
Soon after, the fraudster will then pose as the victim and seek for the temporary disconnection of the victim’s mobile phone line, citing the loss of the phone.
The fraudster will then personally go to a store to request for a new SIM card, presenting valid IDs and a notarized affidavit of loss to gain the new SIM card.
The new SIM card will then be used to acquire the one-time pin that is used by most financial apps and even social networking apps to provide users access to their mobile apps.
Globe said it urges its customers to “use strong and unique passwords for their digital accounts, change it regularly, and use other authentication methods such as security keys, applications, or device prompts.”
It also advises customers “not to share personal information, such as birth dates, anniversary dates, TIN, school or company ID, passport details and other information on social media, as these may compromise a customer’s safety. Scammers and fraudsters may get the answer to your security questions from these details.”
It added that scammers may call pretending to be telco or bank representatives requiring some personal information and bank details in exchange for some offers or perks.
Bank statements, utility bills, delivery packages, and other documents that contain one’s personal information disposed of in an unsecured manner can also be a source of identity theft, Globe said.
Recently, the wife of an engineering company executive reportedly fell victim to the scam, wherein the fraudsters amassed roughly P1.7 million from 14 transactions to crypto trading platform Binance.
Due to this incident, Globe is “implementing stricter measures to prevent unauthorized SIM change.”
“For replacement of lost SIM, this includes 24-hour SIM reactivation to allow a stronger customer verification. Also, a notarized affidavit of loss is mandatory patterned with the banks which require the same document when replacing lost cards and other financial records,” Globe said.