Tech solutions provider Myriad Connect now claims that sim swap fraud is not only limited to Africa but that it is now a global threat which organisations should seek to do more in the bid to enhance online security.
Despite the scam plaguing mobile phone users across Africa for years, Myriad Connect says recent incidents of Americans falling prey to SIM swap fraudsters as evidence of the worldwide danger the trap poses.
“It is a growing global issue affecting even some of the most sophisticated technologies in the world,” said Myriad Connect Business Development – Africa Willie Kanyeki.
The scam sees fraudsters replace the SIM for a mobile number that does not belong to tem, allowing them illegitimate access to personal information and accounts of the original user. ” “This compromises the victim’s online banking, cryptocurrency or digital financial service accounts and gives SIM swap fraudsters access to all the victim’s online accounts, including email and all social media accounts.”
Myriad Connection also shed light on the market’s response to the threat of digital transaction fraud which has included introduction of further authentication measures to protect transactions, often in the form of a one-time-password (OTP) over SMS. ““However, OTP via SMS has long been considered a vulnerable channel for authenticating financial services transactions, as it does not meet strict security standards. OTP via SMS is simply not secure enough to protect financial service transactions.”
A survey byMyriad Connect in Kenya revealed that over 90% of Kenyan banking leaders see it as an issue for their organisations and over 25% of respondents had been victims of SIM swap fraud.