‘Sim swap’ gives fraudsters access-all-areas

http://www.theguardian.com/money/2015/sep/26/sim-swap-fraud-mobile-phone-vodafone-customer?

Personally I would never use a handheld device for any banking/payment related services though, in this case, the portability of the device wasn't the problem.

26 September 2015

Be card sharp as swapping a mobile sim is key to a new scam.

Franks had fallen victim to “sim swap fraud”, a new and little-reported scam which overrides the additional security introduced by banks to protect customer transactions. Fraudsters can complete cash transfers from a stranger’s account by accessing one-time pin codes and SMS notifications.

Criminal gangs obtain an individual’s bank details by bamboozling them with a phishing email, or by purchasing them from organised crime networks.

They then open a parallel business account with the same bank, in the customer’s name, since this involves fewer security checks if the account holder is already a customer.