Standard Kenya: SIM swap fraud is now global threat
Standard Kenya features Myriad Connect's SIM swap detection service to combat the growing global threat of SIM swap fraud
“NAIROBI, KENYA: SIM swap fraud has plagued mobile users across Africa for years, with Myriad Connect’s recent survey in Kenya revealing that over 90 percent of Kenyan banking leaders see it as an issue for their organisations and over 25 percent of respondents had been victims of SIM swap fraud. While in South Africa, the South African Banking Risk Information Centre (SABRIC) reported recently that the incidence of SIM swap fraud has more than doubled in the past year.
‘But SIM swap fraud is not limited to Africa,’ says Willie, Myriad Connect Director Business Development – Africa. ‘It is a growing global issue affecting even some of the most sophisticated technologies in the world.’ Willie cites recent examples such as the case in which US entrepreneur Michael Terpin is suing AT&T over an alleged SIM swap that resulted in millions of dollars’ worth of cryptocurrency tokens being stolen from his account; and another incident in which esports star Yiliang ‘Doublelift’ Peng said he lost $200,000 in cryptocurrency in a SIM swap attack.”
Read the full story at Standard Digital here.