How the fraud is processed – Expert
A software expert, Johnson Olukayode explained, “Every SIM card has secret codes that enable communication with the mobile phone and the transmitting tower. Mobile phone operators identify clients’ numbers and do billing procedures using these codes.
“A fraudster can have your number by stealing a SIM card or carrying out a SIM swap for cloning. Most of the currently used SIM cards belong to the COMP128v1 type of algorithm used in making SIM cards. They are very easy to clone.
“The fraudsters will use a blank SIM card with no programming on it, SIM firmware device that can read or write the information on blank SIM cards and a card cracker and USB SIM CardReader software as tools for cloning.
“In the case where the SIM card is swapped, the fraudster places a call to the mobile operator and ask them to unlock the SIM card for any possible reason.
‘‘If the operators send the code to the phone number it is received by the bank customer. Then the fraudster calls the customer giving flimsy excuses for the sent code and begs the customer to resend.
‘‘If the customer resends the security code, he writes the SIM in about 10 minutes and enters the security code. He now has every detail of the customer. If the phone number is linked with a bank account, he can access the bank account with ease.”