How hackers use SIM cards, phone numbers to clear your bank accounts
An arrested fraudster has revealed how hackers use SIM cards and phone numbers to steal from bank accounts.
On a daily basis, hundreds of customers besiege their banks for help after realising that the money in their bank accounts have either fallen short of what it should be or has been emptied.
To achieve this, fraudsters gain access to your bank account by stealing your identity; name, address and bank information. They also use the stolen identity to defraud other people, apply for loans, leaving the victim with debts and sometimes getting innocent victims into police net.
According to the arrested fraudster, he steals money from people’s bank accounts through their SIM cards through a process known as “Wire Wire” also called SIM transaction or “Joker wire” where he unlocks, transfers and withdraws money using any SIM card that is linked to a bank account.
He gets details of any bank account associated with any stolen SIM card easily by dialling the code *425*100#
For example, if it is an Access Bank account, he will dial *901*00# to show the users account balance. He will then proceed to reset the PIN, and the bank will ask for the account number and date of birth of the account holder. Since a lot of people save their account number on their contact list, He can easily get it there.
Using the account number, he is able to get the victim’s Bank Verification Number (BVN), from which he gets his/her details by dialing *565*0#. With this information, he will proceed to reset the PIN, then use the date of birth to create a new PIN and thereon, he will be able to transfer money out of the account.
Furthermore, if the SIM card owner is a salary earner or owns a salary account, he will be eligible to apply for loans. As long as it’s the SIM used to receive bank account alerts, he can hack it such that the owner of the account will receive no alert on any transaction done.
He transfers the stolen money to a “No trace Account” (Aza) which he creates using another stolen SIM card with its associated BVN. This new account will be used to receive the stolen funds and the owner of that stolen SIM card will be the one that will be traced.
Even if he does not see a SIM to use, as long as he can get the BVN, he can use it to receive the funds.
Storing personal information in phones is a huge risk.