TechTrends Kenya: Myriad Connect addresses issue of SIM swap fraud
TechTrends Kenya featured story on the global threat of SIM swap fraud and how Myriad Connect is helping tackle the issue in Kenya
“SIM swap fraud has plagued mobile users across Africa for years, with Myriad Connect’s recent survey in Kenya revealing that over 90% of Kenyan banking leaders see it as an issue for their organisations. The survey also shows that over 25% 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.
“A SIM swap, in which criminals manage to get a replacement SIM for a mobile number that does not belong to them, allows the new SIM to supersede the existing one, and gives criminals access to the legitimate user’s information and accounts,” says Willie. “This compromises the victim’s online banking, cryptocurrency or digital financial service accounts and gives SIM swap fraudsters access to all the victim’s online accounts, including email and all social media accounts. In addition to financial losses, this presents the risk of reputational damage and the exposure of sensitive data, and once fraudsters control a user’s accounts, regaining control of them can be complex.””
Read the full story at TechTrends Kenya here.