BDO Unibank, Inc. cautions against scammers who use SIM cards to deceive and steal their victims’ money. One modus is called SIM Swapping, where scammers disguise as telco agents offering upgraded network connection in exchange for SIM cards. More prevalent is the SIM Upgrade modus. Scammers purchase 4G SIM cards, register their victims’ mobile number, and fool their victims into giving the One-Time PIN (OTP) needed to own the mobile number. In both modus operandi, scammers takeover their victims’ mobile number to control their victims’ online bank accounts. BDO urges clients to call BDO Customer Care to deactivate their accounts if they get SMS notifications or emails about suspicious online transactions. How SIM Swapping and SIM Upgrade work Scammers identify then gather their victims’ personal information through phishing or from the internet. They mention personal information such as birth date and mother’s maiden name when they call their victims to sound convinc...
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