"SIM swapping" scam: maybe banking from your phone isn't really such a good idea...

[Ace-Garageguy]

 

[stavanzer]

Banking from your phone was NEVER a good Idea.

But, it sure was convenient!

At least until a scammer hits............

[LennyB]

I don't know if they left some details out but I find it hard to believe that the phone provider would only ask for the last four of the credit card for verification. Any website where you have a credit card stored will just show you the last four numbers on the site so you know which card it is. So it's easy for someone who is trolling you to obtain the last 4 numbers. When you sign up for anything these days they usually have a couple of verification questions, such as Mother's Maiden Name' they ask you to provide so they can verify it's you.

I have Bank of America and anytime they see suspicious activity they send and e-mail and a text. If it's a major suspicion they lock the account and call. Then I have to verify who I am with said answers. Don't think someone who just has the last four numbers of you credit card would pass that. I think there must be more to the story then this guy is admitting.

[MeatMan]

  On 12/3/2024 at 5:58 PM, LennyB said:

I don't know if they left some details out but I find it hard to believe that the phone provider would only ask for the last four of the credit card for verification. Any website where you have a credit card stored will just show you the last four numbers on the site so you know which card it is. So it's easy for someone who is trolling you to obtain the last 4 numbers. When you sign up for anything these days they usually have a couple of verification questions, such as Mother's Maiden Name' they ask you to provide so they can verify it's you.

I have Bank of America and anytime they see suspicious activity they send and e-mail and a text. If it's a major suspicion they lock the account and call. Then I have to verify who I am with said answers. Don't think someone who just has the last four numbers of you credit card would pass that. I think there must be more to the story then this guy is admitting.

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Well, its been out there since at least 2018, and it doesn't always involve someone contacting your phone service and asking to have a new SIM. There was a large, sophisticated network of hackers that was brought down a couple of years ago that hit T-Mobile and swapped many accounts. Enforcement is always behind the crooks. Personally, I never use my phone for financial services, and I love tech.

[Brutalform]

Yea… FTW. I don’t have FB or belong to any social media site. And now I will never do any online banking. So much for all this hi tech BLAH_BLAH_BLAH_BLAH. I like the old days where a guy with a club would have to try to hit you over the head, as you were leaving the bank after you cashed your paycheck. 

Edited December 7, 2024 by Brutalform

[fumi]

This has nothing to do with online banking.  It has everything to do with your lazy service providers and regulators allowing SIM porting over the phone with laughable verification methods involving information that is easily obtainable.

I have worked in this industry for over 20 years and I have never seen SIM swapping scam happened.  Our regulations do not allow porting over SIM without in person verification with actual ID.

[Ace-Garageguy]

  On 12/10/2024 at 5:29 PM, fumi said:

This has nothing to do with online banking...

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Online banking and banking by phone (mobile banking) aren't the same thing, and it's an important distinction.

Edited December 11, 2024 by Ace-Garageguy
CLARITY

[Mike C]

I only use my home PC. My bank knows where I'm logging in from. Even if some hacker had my user name and password if they attempted to log on somewhere else my bank will email me. In fact I had installed a new browser on my PC and when I went to log in I got an email from them to verify that it was me. One time there was some bozo that had my username. But he still couldn't get in. After five failures I had to reset my password. After this happened twice I called the bank. They told me to change my username too, so I did and this hasn't happened anymore.

[Ace-Garageguy]

  On 12/12/2024 at 3:43 PM, Mike C said:

I only use my home PC. My bank knows where I'm logging in from. Even if some hacker had my user name and password if they attempted to log on somewhere else my bank will email me...

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Some banks simply refuse login attempts from any IP address they don't have on file, and in the event you need to access accounts from an "alien" machine, require an annoyingly complex (but worthwhile and just about impossible to crack) multi-step authentication process.

 

[rattle can man]

Rule of thumb: locks only keep honest people out.  No matter what security measures are taken, the thieves are one step ahead. 

[Bugatti Fan]

It never surprises me when I see so many people using their phone to pay for stuff.

Apart from the SIM card swap scam, the number of mobile phones that get snatched with all their owner's bank information on them from users hands by organised gangs is getting worse. My bank information is something I would never load onto my phone. Having the phone nicked is just an inconvenience, but having your accounts plundered by sophisticated hackers is another thing altogether, plus the banks will not make it easy to get your accounts sorted out !

Edited April 29 by Bugatti Fan

[peteski]

  On 4/29/2025 at 8:14 AM, Bugatti Fan said:

It never surprises me when I see so many people using their phone to pay for stuff.

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Let me rephrase that for you:  It never ceases to amaze me that people use their smart phones for pretty much everything relating to their computing experience.

But I suspect that we are just old fogies left behind in the desktop computer world.

Forget just the banking thing. Seriously, I just can't understand how someone is happy viewing photos, videos, or reading tiny print of emails or other online documentation on a postcard-size screen instead of a nice 24" or larger computer screen.  Sure they can magnify what they are reading, but that only gives them just a postcard-size portion of a larger image or document.  Same with the audio coming from those tiny built-in speakers. The experience is lacking (at least for me).  Yet, when it comes to TV viewing, most will want the largest screen possible.  Sure, the tiny wireless-connected device with a tiny screen is convenient, but the overall experience stinks.

Edited April 29 by peteski

[Bugatti Fan]

Couldn't agree more Pete.

Mobile phones are taking over people's minds. Just look at how many people you see walking gazing into their phones as though it is some sort of drug they are hooked on.

Worse still the idiots who use them whilst at the wheel of a car. It's one thing walking into a lamp post, but driving 2 tons of lethal machinery looking into one can be devastating and not only for the driver but possibly wiping out an innocent family in another car.

One of the saddest things I saw was when I went to my grandkids school sports days. Over 90 percent of the parents attending spent more time looking at their phones instead of enjoying the event.

[Rob Hall]

  On 4/29/2025 at 3:00 PM, peteski said:

Let me rephrase that for you:  It never ceases to amaze me that people use their smart phones for pretty much everything relating to their computing experience.

But I suspect that we are just old fogies left behind in the desktop computer world.

Forget just the banking thing. Seriously, I just can't understand how someone is happy viewing photos, videos, or reading tiny print of emails or other online documentation on a postcard-size screen instead of a nice 24" or larger computer screen.  Sure they can magnify what they are reading, but that only gives them just a postcard-size portion of a larger image or document.  Same with the audio coming from those tiny built-in speakers. The experience is lacking (at least for me).  Yet, when it comes to TV viewing, most will want the largest screen possible.  Sure, the tiny wireless-connected device with a tiny screen is convenient, but the overall experience stinks.

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I do a lot from my phone... pay my bills (incl. my mortgage), move money between accounts, buy/sell stock, adjust my hot tub settings, adjust my thermostats, stream music from my phone to my patio and hot tub speakers, etc.    I have four 24 inch monitors in my home office (2 for my work laptop and 2 for my personal laptop), but my phone goes with me wherever I go... 

[peteski]

  On 4/29/2025 at 5:42 PM, Rob Hall said:

I do a lot from my phone... pay my bills (incl. my mortgage), move money between accounts, buy/sell stock, adjust my hot tub settings, adjust my thermostats, stream music from my phone to my patio and hot tub speakers, etc.    I have four 24 inch monitors in my home office (2 for my work laptop and 2 for my personal laptop), but my phone goes with me wherever I go... 

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Well that was the point. Seems that for many the smart phone became an indispensable portable device, for better or for worse.  Might as well have it implanted in their palm.   Still to me the convenience of doing things on-the-fly on that tiny screen does not trump a large monitor connected to a home computer.  Most of the things mentioned above can wait until I sit my behind in front of the computer. Mind you that I prefer not to have smart devices like Alexa or other IOT devices like thermostats fridges and now even cars.  I depend on my smart phone so little that I sometimes forget it and leave it at home. When I have it with me I also forget that I can whip it out in the spur of the moment and take a photo or a video.

Mind you that back about 45 years ago I was a computer geek. I was into electronics (on hobby and later on professional level) since my early teens, I built my own computers and lots of other electronic circuits.  I still have the skills and the know-how, but the invasive nature of today's Internet-connected world worries me.  Maybe because I understand what goes on behind the screen and keyboard. And as I said, I can wait till I get home to do most of the tasks involving online activities.

Edited April 29 by peteski

[Rob Hall]

I’ve been working as a software engineer for almost 30 years, designing and building internet services and applications, many years in banking systems and mobile applications, so I’m comfortable doing most things  mobile.  I like to get out of my office and do things online from my phone outside, in the living room, etc.  

[peteski]

  On 4/29/2025 at 6:15 PM, Rob Hall said:

I’ve been working as a software engineer for almost 30 years, designing and building internet services and applications, many years in banking systems and mobile applications, so I’m comfortable doing most things  mobile.  I like to get out of my office and do things online from my phone outside, in the living room, etc.  

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I guess that makes me paranoid and I'm ok with that.

[Bugatti Fan]

Rob   Most mobile phone users are just that.    Users.

You obviously have a lot of expertise in software engineering that the vast majority of us do not. So may I ask, how have you taken steps to stop your phone from getting hacked it stolen?

[bobthehobbyguy]

The reality is that there are mistakes made in code. Those mistakes can be present for years and impact a large number of programs. I recently saw a video that a slot machine player found that a flaw that allowed the machines to pay out more than the machine was suppose to. He found that a sequence of button pushes caused the issue. It was a flaw that existed for a number of years.

Let's face it the banks aren't providing on line banking for your convience it's because they can have fewer branches and thus fewer employees.

[Rob Hall]

  On 4/30/2025 at 6:58 AM, Bugatti Fan said:

Rob   Most mobile phone users are just that.    Users.

You obviously have a lot of expertise in software engineering that the vast majority of us do not. So may I ask, how have you taken steps to stop your phone from getting hacked it stolen?

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Basic common sense security... I use a VPN, never connect to odd wifi networks (only to my home network and my car network), ad blockers, a password manager, complex passwords different for each app/website, never click on random links or attachments, always check the headers and from address of questionable emails to see if it's as expected, block senders of random messages.... 

Edited April 30 by Rob Hall

[Bugatti Fan]

Thanks for the feedback Rob.           Many of us can learn from your answer.

[Mike C]

Another scam is the Wrong Number text scam. I got one yesterday and got one once before. I called them both out for what they were. Here's a screensot.

Edited May 1 by Mike C