Chapter 2 - Fraud Types Affecting Customers
Identity Theft
Criminals steal personal data and use this to open accounts or order devices using the unaware customers information. This fraud type alone costs £1.8 billion a year.
Account Takeover
Criminals take control of an existing account to:
- Reset passwords
- Pass OTC/OTAC
- Block customer notifications
- Complete SIM Swaps
- Obtain new devices and numbers
- Facilitate third-party charges
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Telco Impersonation
This is when a criminal will impersonate a Telco company, normally by cold calling a customer and persuade them to share details and OTP/OTAC’s.
Sim Swap
Criminals use social engineering tactics to request SIM changes. This is most frequently done through calls, SMS, Email and WhatsApp messages.
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