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SIM Swap – How banks can identify fraud risk and protect customers

SIM swap fraud is not a new topic; however, the number of SIM swap fraud cases have rocketed since 2016 by 60% (BBC). In today’s smart phone-centric world, using mobile phones for Internet Banking is standard practice for most people, but SIM swap fraud, where scammers cancel and re-activate new SIM cards to hack into bank accounts, has been on the rise for a while and the industry has struggled to get to grips with it.

 

Gresham House Strategic PLC (LON:GHS) has a 12.0% ownership of IMImobile as of June 2018

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.