Toronto Police Provide Update on SIM Swap Fraud Investigation
The Toronto Police Service held a press conference today to provide an update on their ongoing investigation into SIM swap fraud. This type of fraud involves criminals gaining access to a victim’s phone number and using it to gain access to their personal and financial accounts.
According to Detective Sergeant Ian Nichol, the Toronto Police Financial Crimes Unit has seen a significant increase in SIM swap fraud cases over the past year. In 2020, there were 1,300 reported cases, resulting in over $10 million in losses. This year, there have already been 1,200 reported cases, with losses totaling over $8 million.
The investigation has revealed that the majority of these cases involve victims who have been targeted through social media platforms. The criminals use various tactics, such as posing as a legitimate company or offering fake job opportunities, to gain the victim’s trust and obtain personal information.
Once the criminals have the victim’s personal information, they contact the victim’s mobile phone provider and request a SIM swap. This allows them to receive all incoming calls and messages intended for the victim, including one-time passwords and verification codes for online accounts.
The criminals then use this information to access the victim’s financial accounts and make unauthorized transactions. In some cases, they also use the victim’s identity to open new accounts and obtain credit.
Detective Sergeant Nichol emphasized the importance of being cautious when sharing personal information online and being aware of potential scams. He also advised individuals to regularly check their financial accounts and report any suspicious activity to their bank and the police.
The Toronto Police Service has made several arrests in connection with SIM swap fraud and is working closely with other law enforcement agencies and telecommunication companies to combat this type of crime. They are also urging the public to report any suspicious activity or potential scams to the Canadian Anti-Fraud Centre.
In conclusion, the Toronto Police Service is urging the public to be vigilant and take precautions to protect themselves from SIM swap fraud. By being aware of potential scams and safeguarding personal information, individuals can help prevent themselves from becoming victims of this type of fraud.
