Man loses R300 000 in sim swap scam that's on the rise

An 85-year-old pensioner had R300 000 stolen from his Nebdank account last week in a sim swap scam.

The man's son, who would rather not be named, wrote to CapeTalk host John Maytham to relay the experience.

Forensic investigator Dr David Klatzow says the sim swap scam has become more prevalent over the past three years.

Also read: Sim swap scam: "They get the pin number and then clean out your account"

The victim received an SMS from his network service provider about his number being ported to another network operator.

When his number was ported back some days later, he lost access to his internet banking service.

The following day, the bank established that two amounts of R150 000 had been transferred out of his account.

The scam is a collaboration which involves the banking and the cellphone industry, Klatzow explains.

He says that scammers exploit negligence when it comes to personal information and weaknesses in Rica regulation.

Klatzow has warned consumers to never give personal information out on the phone to anybody.

Read more: Beware of con artists who scam women on dating sites - forensic investigator

There's negligence and dishonesty in both sectors.

Dr David Klatzow, Forensic scientist

It involves being able to identify where the money is... There's a dishonest element within the cellphone industry.

Dr David Klatzow, Forensic scientist

Personal information should never be given out to strangers on the phone.

Dr David Klatzow, Forensic scientist

Take a listen:


Recommended

by NEWSROOM AI
Read More
Attorney told to testify before Sars inquiry or face criminal prosecution

Attorney told to testify before Sars inquiry or face criminal prosecution

Attorney David Maphakela was summonsed to give evidence on Monday but refused.

DA: Whether you are from Switzerland or Swaziland, you must be documented in SA

DA: Whether you are from Switzerland or Swaziland, you must be documented in SA

The DA defends its immigration plans saying no country can afford not to secure its borders.

Beware of con artists who scam women on dating sites - forensic investigator

Beware of con artists who scam women on dating sites - forensic investigator

Dr David Klatzow warns women using dating sites not to fall prey to a fraud scam which has come to the attention of the Hawks.

Beware: How property fraudsters use fake emails to scam you

Beware: How property fraudsters use fake emails to scam you

Fraudsters create virtually identical email addresses asking for payment from clients into a 'new' bank account and then abscond.

Invoice email scam targeting local businesses (and top precautions to take)

Invoice email scam targeting local businesses (and top precautions to take)

Consumer journo Wendy Knowler warns business owners about a scam in which invoices are intercepted and bank accounts changed.

Is your business listed in the white pages? Beware of scammers posing as Telkom

Is your business listed in the white pages? Beware of scammers posing as Telkom

There's a scam that's targeting small business owners with listings in Telkom's white or yellow pages, warns Wendy Knowler.

Popular articles
[LISTEN] Painting worth MILLIONS missing from Magashule's old office

[LISTEN] Painting worth MILLIONS missing from Magashule's old office

Investigative journalist, Pieter-Louis Myburgh says the artwork, owned by the Free State government, is worth between R6m and R8m.

CT council to decide on charging De Lille following new forensic report

CT council to decide on charging De Lille following new forensic report

The Bowman Gilfillan report, yet to be made public, found that De Lille allegedly failed to report tender corruption to council.

Judge in Omotoso case dismisses defence application to recuse himself

Judge in Omotoso case dismisses defence application to recuse himself

Judge Mandela Makaula has dismissed the defence application saying it has no merit.

Khayelitsha fire victims should get same help as Knysna says Sizwe Mpofu-Walsh

Khayelitsha fire victims should get same help as Knysna says Sizwe Mpofu-Walsh

Sizwe Mpofu-Walsh and callers discuss ways that corporate SA should help displaced Khayelitsha fire victims in Cape Town.