A Strategic Approach to Stopping SIM Swap Fraud
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SIM swap fraud continues to cause substantial financial losses for both consumers and financial institutions, undermining the integrity of the financial ecosystem. According to the FBI’s IC3 Report, the U.S. saw 1,075 reported incidents, resulting in losses totaling $48.7 million. In the United Arab Emirates, the banking industry has incurred considerable losses from this fraud scheme. The syndicate behind this fraud was well-organized, diligent and sophisticated. As one of the leading banks in the UAE, we worked closely with law enforcement agencies, conducted sting operations and helped apprehend nearly two dozen syndicate members, but we failed to reach the top layer of the syndicate. This incident remains one of the few cases in my career where we could not apprehend the key leaders behind the SIM swap fraud.
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https://www.databreachtoday.com/blogs/strategic-approach-to-stopping-sim-swap-fraud-p-3628
