Wire wire SIM transaction

Banking

How to avoid wire wire SIM transaction theft

Wire wire SIM transaction – As a bank account holder in Nigeria with any bank, you shouldn’t have difficulty telling how unauthorized access into bank accounts has become the order of the day.

In one of these occasions an old woman ran into the bank, was heard shouting uncontrollably that you couldn’t figure what the problem is.

But from a distance, my instinct live to the occasion, she could be the latest victim of wire wire SIM transaction.

On enquiry I was as good as my guess, N140k has just been swept off her bank account, according to the poor woman it’s money meant to settle her husband’s medical bill.

The man has been bedridden for some time, fortunate enough she’s been able to raise N140k from relatives far and near to settle the bills as raised by the hospital, now this unfortunate development, life happens!

This is just one out of many traffic of her likes that visit the banks on weekly basis with same report.

Read also: Latest POS fraud in town to watch out for in 2020/2021

I’m writing this piece to tell you yet an unfortunate but a fortunate story bordering on the activities of internet (scammers/fraudsters, etc.) that’ll stop at nothing to rip you off your hard earned Naira/Dollar in today’s Nigeria.

The financial institution may not have gotten it all squared, however, the bulk of the responsibility to stay in check and safe with your funds lies in your cut.

The idea is that we sometimes give ourselves out to these hungry scavengers of destruction, thieves, rogues, criminals with ill gutted dead conscience.

What you are about to read does not in any way intend to empower upcoming internet scammers, thieves, etc.

However, it’s aimed at arming the innocent honest hustlers with information about the activities of scammers, fraudsters, how they operate in recent time and how you should guard yourself ahead against these predators before they prey on you.

Below is the account of a wire wire SIM transaction theft given by a suspect/arrested syndicate

In his account having being apprehended,

“I do what we call wire wire, it’s also called SIM transaction which is local wire.”

“Any alert SIM I come across, with any bank I can work and do transaction on it. I can withdraw, recharge and get loan on it.”

Interrogator: “Explain to me how you do it?”

Suspect: “If I’m given an alert SIM, I’ll press *425*100#, this will show the bank the owner of the SIM is using.”

“If say the bank is Access bank, then I’ll dial *901*00# it will show the account balance of the person, if I want to reset the PIN it will ask for the account number and date of birth of the person.”

Read also: How to hack a bank account in Nigeria

Interrogator: “How would you know the account number and date of birth of the person?”

Suspect: “The account number, some do save it on their contacts and some don’t, so if I see the account number of the contact, I will use the person’s BVN to bring out all their details.”

Interrogator: “How will you get someone’s detail through their BVN?”

Suspect: “I’ll dial *565*0#, when all the details are revealed, I’ll now register with the bank of the person involved and I can carry out my transfers.”

Interrogator: “So you will change the PIN of the person right?”

Suspect: “Yes, I’ll change the persons PIN, I’ll input account number and date of birth, then it’ll prompt me to create PIN, that’s the PIN I will be using to transfer money from the account.”

Interrogator: “What if there’s no money in the account?”

Suspect: “If it’s a salary account, when there’s no money in the account, I can use it to collect loan.”

Interrogator: “What is the maximum amount of loan you can borrow?”

Suspect: “There are some that are 15k, 20k and 5k naira loans.”

Interrogator: “Can you operate with any other SIM apart from SIM used in receiving alerts?”

Suspect: “No, it’s only SIM used in receiving alerts, no matter how hard the code is I’ll break it.”

Interrogator: “Where will you transfer the money to?”

Suspect: “I do open no trace account, I’ll transfer it to that account, we call it AZA.”

Interrogator: “How do you open such account and how do you transfer into such accounts?”

Suspect: “I can use anyone’s BVN to create another account that’ll be no trace account, I can transfer into another person’s account and it’s the person that will be sought after, not me.”

Now you’ve read from the horses ink.

The next quest you may want to ask is

How to mitigate against this wire wire SIM transaction?

Like I’ve said initially, sometimes we give these thieves the driving seat without knowing it even, here’s how to avoid a possible theft into your bank account.

  • Limit certain options in your bank account – while this may sound weird but it helps. You may choose to deactivate the SMS alert option.
  • Lock your SIM card – Study has shown that they find it difficult to tamper or operate on locked SIM cards, once you have the lock feature activated on your SIM card, the worst they can do is to destroy the SIM card. They break your locks easily, but SIM card is no go area for them. You can lock your SIM card with your SIM PUK number, be sure to have it handy before you attempt.
  • Block your SIM card/account – Learn how to block your account from a third-party phone number. Having lose your mobile phone the next line of action should involve blocking your account. Banks now afford their customers with this privilege real time 24/7 irrespective of the time of such incident. Block it first to stay safe, thereafter go to the bank and reinstate your account having retrieved your number.
  • Do not save sensitive details on your phone – Avoid the temptation to save your account number or BVN on your phone (SIMS) you are aiding them by making their task easier if eventually they have a grip on your phone.

Conclusion

Security concern

From the interview you heard the suspect say he creates no trace accounts with somebody’s BVN and even take loans with such details.

Assuming the Police is after such account afterward and it happens to be yours, they’ll get you arrested to account for what you don’t know anything about.

To mitigate this, endeavor to make initial entry at the nearest police station in event you lose your phone just to be on a safe side.

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