posted 11 Nov 2021 2 mins

We are aware that some customers have been called by fraudsters who claim to be acting on behalf of a mobile network provider.

Typically, the fraudster convinces the customer that someone is trying to add a new device onto their mobile phone account and that, in order to block fraud on the phone account, the customer will need to read back a One-Time Passcode (OTP) sent, legitimately, as a security measure by the provider.

In fact, this OTP authorises the fraudster to swap the mobile phone account from the customer’s SIM card to a new SIM card held by the fraudster.   Once they have performed a successful SIM swap, any OTPs sent as part of the bank’s usual security measures will go to the fraudster’s phone  and they will be able to authorise transactions on your bank account. (Alternatively, the fraudster may use SIM-swaps to access mobile banking apps.)

Please note that if your SIM has been swapped in this way, you will be unable to make or receive phone calls or text messages.  If this happens, or if you suspect you have been targeted for a SIM swap, you should phone the bank immediately on 020 7353 4522, preferably from another device, then inform your mobile provider.   

You can read more about how to stay safe from fraud here.

PLEASE REMEMBER: You should never share an OTP with anyone, in any circumstances, over the telephone.