Cybercrime has been steadily rising as each innovation provided a new element for fraudsters to exploit. Cybercriminals have a number of routes to financial fraud through technology and digital financial transactions have created new opportunities for fraud. Only 23% of UK businesses have a formal cyber security strategy in place with just 13% of UK businesses assess the risks posed by their immediate suppliers.
Cybercrime largely arises in two forms, cyber-dependant crime, that is crime that can only be committed through the use of technology and cyber-enabled crime, technological devices are used to commit the crime, such as fraud and data theft. Globally cybercrime amounts to approximately £5,329,998,470 lost.
SIM swap fraud is rapidly overtaking some other types of fraud with Action Fraud reporting that it appears to be doubling year on year. SIM swap fraud being becoming a significant concern for regulators.
Joanna Bailey, who heads the banking and financial fraud litigation department, commented "SIM swap fraud is a sophisticated cybercrime that enables fraudsters to access sensitive accounts". Joanna further pointed out "the fraudsters gain as much information as they can about their victim from social media and then contact the victim's mobile network provider passing the security checks using the information they have already obtained and persuade the network provider to switch your number to a new SIM card. Once they gain access, they can bypass two-factor authentication security measures, reset passwords, and infiltrate your banking, cryptocurrency, and investment accounts. Once they gain control of your phone numberand can drain your finances in minutes".
Joanna Bailey is an experienced financial fraud lawyer who provides expert legal representation to victims of SIM swap fraud providing victims with the best possible chance of recovering their losses and holding the perpetrators to account. Many victims are not immediately aware that they have been targeted. They often only realise when they lose network service and see unauthorised transactions in their accounts.
Legal Recourse for Victims
If you have been targeted in a SIM swap fraud, swift legal action is crucial. Giambrone & partners can act promptly and attempt to recover your lost funds:
- Initially we establish how the fraud occurred and identify third parties who facilitated the fraud, such as telecom providers who have a duty to protect their customer's data.
- We will hold the negligent irresponsible companies to account and pursue compensation through civil litigation or by negotiating a settlement.
- We will collaborate with the authorities in an attempt to trace the cybercriminals and bring them to justice.
- Our experienced lawyers can advise clients on the best practise to strengthen legal safeguards and prevent future attacks.
How to Prevent SIM card fraud
- Use a strong PIN or passcode, do not use anything related to you like your birthdate, child's name. Chose something unique. Do not use the same password across multiple accounts.
- Sign up with your mobile phone provider for notifications relating to any changes on your account.
- Set up a separate email for your mobile account
- Use App-Based Two-Factor Authentication (2FA) Instead of SMS-based authentication.
- Be aware that scammers impersonate banks or mobile phone providers.
- Regularly monitor your accounts
- Check with your mobile provider whether there are extra protections that you can access.
Our highly experienced banking and financial fraud litigation lawyers have a proven track record in recovering lost funds and obtaining compensation from financial institutions, mobile phone carriers or any other negligent service providers that were inadvertently party to the fraud. Should the need arise, we will robustly tackle the fraudsters and the negligent third parties through the courts to restore financial stability for our clients. Our lawyers will take all measures available to, as far as possible, restore them to the situation that they were in prior to the fraud.
Joanna Bailey advises and acts for international and UK-based clients in disputes for clients ranging from shareholder and other commercial disputes, professional negligence, negligent misrepresentation and fraud, asset tracing and recovery, freezing orders and other injunctions and interim remedies, international/conflict of laws and human rights.
Joanna is highly regarded for her meticulous approach and her persistence when investigating international fraud matters. Her considerable experience and dogged pursuit frequently leads to the successful recovery of funds for clients.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
