Banco G&T Continental warns customers about growing SIM swapping fraud

In recent years, digital fraud techniques have become more common, putting personal and financial information at risk. One such method is SIM swapping, which has seen a rise in the region.

SIM swapping occurs when a criminal gains control of a victim's phone number by requesting a new SIM card from the mobile provider using stolen personal information. Once the request is approved, the original line is deactivated and transferred to a SIM card held by the fraudster. This allows them to receive calls and text messages meant for the victim, including security codes used for authentication on financial services and social media accounts.

With access to these codes, criminals can potentially enter bank accounts, make unauthorized transfers, change passwords on digital platforms, and validate transactions in the victim’s name. The result can be both financial loss and significant breaches of privacy.

There are several warning signs that may indicate SIM swapping: sudden loss of phone signal without explanation, inability to make or receive calls or messages, notifications about account access attempts, or emails regarding password changes not initiated by the user.

To reduce risk, experts recommend never sharing personal data or verification codes through unsolicited messages or calls. Enabling two-factor authentication through secure apps instead of SMS is also advised. Users should be cautious with urgent messages requesting immediate action and verify any changes with their mobile operator directly. Regular monitoring of bank accounts and social media activity for suspicious behavior is also important.

If someone suspects they have been targeted by SIM swapping, they should immediately contact their phone company to regain control of their number and report the incident. It is also important to inform banks to temporarily block affected products and change passwords on all associated accounts. Reporting incidents to authorities can help start an investigation.

"At Banco G&T Continental your security comes first," said representatives from Banco G&T Continental. "We are committed to protecting your financial information. That’s why we encourage you to stay alert, share this information with your loved ones and always follow good digital security practices."