A disturbing banking fraud investigation has raised fresh concerns about how criminals may be gaining access to customers’ mobile banking accounts.
According to the report, authorities have received a growing number of complaints involving online fraud and money being stolen through banking apps. The investigation suggests that some cases may involve leaked customer data, fraudulent duplicate SIM cards and access to one-time passwords.
Investigators suspect that criminal groups may be working with individuals inside banks and SIM franchises to obtain customer information and issue unauthorized duplicate SIMs. Once a duplicate SIM is activated, fraudsters can potentially receive OTPs and access mobile banking accounts.
The issue has prompted plans for joint investigations involving the State Bank, NCCIA and PTA, focusing on hacked bank accounts, suspicious SIM issuance and possible involvement of banking and telecom personnel.
