A video of an unidentified man disclosing how he transfers people’s money using their SIM cards to get their bank details have been making rounds on social media.
According to the fraudster, the new transfer strategy is called SIM transaction.
He stated that he uses a SIM card that receives bank alert to transfer funds.
He said: “The kind of fraud I commit is called SIM transaction.
“Any SIM card that receives alert that I see, I will withdraw from it.
“For example if I dial 425100#, it will display the name of the bank the person uses.
“If it displays Access Bank, I will dial 90100#, then it will display the person’s account balance.
“If I want to reset the pin, it will ask for the account number and the date of birth.
“Some people save their account number on their phone.
“If I see the account number on the person’s phone, I will dial 5650# to get the BVN number of the person so that I can get his details, which will enable me register.
“After I have registered, I will be asked to create a pin, which will be used for transferring.
“However if there is no money in the person’s account and it is a salary account, I will just take a loan.
“I can take a loan of N15,000, N20,000 or N5,000.
“It depends on the amount of money the owner of the SIM can loan.
“It is only when I see a SIM card that receives alert that is when I can make transactions.
“I will transfer the money into a no trace account, which I will open with someone else’s SIM card or BVN number.
“So, if the bank notices the fraud, they will go after the owner of the BVN.”