These SIM Swap scams....how worried should we be??

robatwork

Card readers - in some countries in Europe you simply can't access your account without a card reader (and therefore your card too).

This obviously cuts down on this sort of fraud.

Would the UK be prepared to accept the pain-in-the-a$sness that this would introduce if that was deemed to be the 2FA that we all had to now use?

I think there would be a big backlash in favour of convenience if a bank tried this....

DCFC79

robatwork wrote: »

Card readers - in some countries in Europe you simply can't access your account without a card reader (and therefore your card too).

This obviously cuts down on this sort of fraud.

Would the UK be prepared to accept the pain-in-the-a$sness that this would introduce if that was deemed to be the 2FA that we all had to now use?

I think there would be a big backlash in favour of convenience if a bank tried this....

Surely if it cuts down on fraud then that's good.

masonic

robatwork wrote: »

Card readers - in some countries in Europe you simply can't access your account without a card reader (and therefore your card too).

This obviously cuts down on this sort of fraud.

Would the UK be prepared to accept the pain-in-the-a$sness that this would introduce if that was deemed to be the 2FA that we all had to now use?

I think there would be a big backlash in favour of convenience if a bank tried this....

They're already here. Natwest, Nationwide and probably others use them. The difference is they are only needed to make payments to new recipients, which seems like a balanced approach.

M&S Bank requires you to use a device just to log in, which I think is a little excessive, especially as FD and HSBC give you restricted access to your account without it.

tg99

masonic wrote: »

Presumably they could send a text before the SIM swap is actioned and wait a reasonable time - say an hour - before making the swap. It probably wouldn't help much, but at least the victim would have something to go on when they wonder why they've lost service.

If using a PAC code to do the SIM swap presumably most networks text the PAC at the same time it is given out over the phone hence the customer would see that a PAC code had been requested thus giving them a small window to contact the network provider to put a block on.

Sea_Shell

Are there any banking apps that use fingerprint recognition?

But I guess that'd still leave the PC banking platform element open to scam as I don't think many banks are App only?

masonic

tg99 wrote: »

If using a PAC code to do the SIM swap presumably most networks text the PAC at the same time it is given out over the phone hence the customer would see that a PAC code had been requested thus giving them a small window to contact the network provider to put a block on.

Yes, probably. Which is probably related to the good point made by eDicky here that most SIM swap fraud doesn't involve a PAC and relies on the fraudster convincing the provider that a replacement SIM is required for continued service under the same account - i.e. SIM is lost/damaged/needed for a new handset.

Tallaght

masonic wrote: »

They're already here. Natwest, Nationwide and probably others use them. The difference is they are only needed to make payments to new recipients, which seems like a balanced approach.

I use a card reader with Nat West and everything runs smoothly.It takes 3-4 days to get the card reader after ordering.

Emily_Joy

I would have thought that since mobile network provider does have customer's email address to send bills, confirm top-up's, and advertising, they certainly could send an email saying that a PAC code has been requested? or "sorry to hear you decided to change provider/lost your SIM"?..

I am not certain watching mobile network is such a brilliant idea.

1. Sometimes I need to sleep and sometimes I am just busy.
2. In some areas in my own house there is no network coverage.
3. I spend quite a lot of time in the air, where no mobile network is available.

masonic

Sea_Shell wrote: »

Are there any banking apps that use fingerprint recognition?

TSB does, and B. Probably others.

But in those cases (definitely TSB, I think also , the customer needs to enter full password and memorable information to set this up and so the fingerprint seems to be used only to unlock the password/memorable information, which is then used by the app as if it were entered by the customer.

What would be nice is if the fingerprint could be used to unlock a one time password generated by the app that could be used to replace SMS and automated calls.

But I guess that'd still leave the PC banking platform element open to scam as I don't think many banks are App only?

There's no reason why there couldn't be a setting to enable so that a code from your app was needed in order to complete highly sensitive operations like setting up a new payee or changing your contact information - much the same as card readers and secure keys provide at other banks.

Emily_Joy

On the other hand, I firmly believe that nobody cares what was my mother's name, or what was my first school, so I usually go for something like "BeAPartOfEverythingIDo" and "TheyTaughtMeAllIKnow"