Now scammers can actually wipe your bank account in less than 5 minutes using the registered phone number that you used for opening your account.
Here is how they carry out this fraudulent act:
If scammers get hold of your Andriod phone, they will remove the SIM card and put it in a small phone, and start to try all permutations USSD banking of various banks like Access bank, Zenith bank, fidelity bank, etc.
Any bank that luckily falls to the bank you make use of they will recharge the SIM card. If you have an SMS notification inside your SIM phone number, it will come into that SIM, and they would see your balance. If they feel you have enough balance, they will get into work.
They will request a new OTP to change the USSD banking password once they do that, they will put an account number from some of these accounts like Kuda, Plam pay, and Opay that you don’t have strong authentication. They will transfer money to that account and probably withdraw it from there.
These are some of what you need to avoid scammers getting access to your bank account:
1. Make sure you disable SMS notifications on your registered phone number, you can use email or go online and check whether you have any notices that you want to see.
2. You have to apply the SIM pin to the SIM card that you used to register your phone number. It’s simple, go to your phone settings go to security go to the SIM log and apply four-digit pin make sure you write down your PUK code somewhere in case you forget the pin.
3. If you lose your phone or you can’t find your phone make sure you quickly rush to your network or distributor to block your line and retrieve your line that way your account won’t be siphoned.
4, You can completely disable the ussd banking channel, and you can easily use your internet banking self-service where you can completely turn off the ussd banking channels.
The lesser channels to your bank accounts, the reduced risk of you losing your money.
Source: Tiktok / smartdepottech