Can SIM Swap Attack Empty Bank Accounts Without Warning?

Can a SIM swap attack clear out your bank accounts without warning?

Take a look at the viral warning, and find out what the facts really are!

Claim : SIM Swap Attack Can Empty Bank Accounts Without Warning!

This message has gone viral on social media and WhatsApp, warning about a new high tech fraud called SIM Swap Fraud that can empty bank accounts without warning.

The message includes a link to a Straits Times report about a young couple who lost $120,000 in a fake text message scam targeting OCBC Bank customers.

Your BANK Account could be Emptied without an Alert!

Dear All, Please let’s be very careful.. There is a new HIGH TECH FRAUD in town called the SIM SWAP FRAUD, and hundreds of persons are already VICTIMS.

How does it work?
1 A new fraud called SIM SWAP has started. Your phone network will momentarily go blind / zero (No Signal / Zero Bars) and after a while a call will come through.

2 The Person on the other end of the call will tell you that he is calling from (your cell phone company) depending on your network and that there is a problem in your mobile network.

3 He will instruct you to Please press 1 on your phone to get the network back.

– Please at this stage don’t Press anything, Just cut or END the call.

If you press 1, the network will appear suddenly and almost immediately go blind again (Zero Bars) and by that action, your phone is #HACKED.

Within a second they will empty your bank account, and you won’t receive any alert.

What you will…