BDO warns public vs. SIM-card-related scams

BDO Unibank Inc. on Wednesday cautioned the public 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,” BDO said in an advisory.

“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,” it added.

In both modi operandi, scammers takeover their victims’ mobile number to control their victims’ online bank accounts, the bank said.

BDO urged clients to call BDO Customer Care to deactivate their accounts if they get SMS notifications or emails about suspicious online transactions.

The bank also explained how the SIM Swapping and SIM Upgrade scams 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 convincing and credible,” BDO said.

“Once they win their victims’ trust, they are able to convince them to surrender their SIM card or OTP to activate a 4G SIM card,” it said.

For protection, BDO advised clients to be prudent in sharing personal information online and to keep their social media accounts in private mode.

With their victims’ personal information and mobile number, the bank said scammers can more easily outsmart banks’ multifactor authentication (MFA) and transfer money from their victims’ online bank accounts to their own.

“Common MFA consists of using a username and password to log in an online bank account, and receiving one-time PINs on a registered mobile number to confirm a transaction,” it said.

“While scammers continue to take advantage of today’s challenging new normal to con people, there are ways to protect against their attacks,” it added.

The Bangko Sentral ng Pilipinas (BSP) shared the following tips in a recent advisory:

• Never give out personal information and SIM card details in response to unsolicited calls/texts from unknown individuals.
• Always check SMS and email alerts for unusual transactions and/or activities involving your bank/e-money accounts.
• In case you’ve already provided your SIM and other personal details, contact your bank/mobile phone provider immediately.

BDO encouraged clients to report suspicious incidents to ReportPhish@bdo.com.ph, or get in touch with its representatives by logging in Messenger and looking for BDO Customer Care with the blue verified check mark from Facebook.

Clients may also call its hotline at 8631-8000. — BM, GMA News