It's becoming a much more frequent experience for people to receive calls, messages and emails from scammers, however, they are also harder to spot as they adopt more sophisticated methods
An cyber expert has explained that your passwords aren't the "biggest risk to your bank account" as it's actually your SIM card. When James Holloway, 45, first joined MI5, he assumed cybercriminals relied on advanced hacking techniques to steal money.
But after years in intelligence, he realized that the most effective financial scams do not require high-tech tools - they rely on human error. Experts from Online Spy Shop spoke to James directly to uncover the one mistake that allows criminals to empty your bank account in seconds.Read more: Irish man issues scam warning after €800 was taken from his account and he may not get it back The Costly Mistake Most People Make “The biggest risk to your bank account isn’t a weak password or a data breach,” James explains. “It’s SIM swapping—a technique where criminals convince your phone provider to transfer your number to a new SIM card.”How It Happens Fraudsters only need a few personal details - often gathered from social media, phishing emails, or leaked databases - to impersonate you. They then contact your mobile provider, claiming their SIM card is lost or stolen. “If your provider does not have strong security checks, they will transfer your number to the fraudster’s device,” James warns. “At that point, your bank alerts and one-time passcodes go straight to them.” How to Protect Yourself Expert Warning A spokesperson from Online Spy Shop said: "SIM swapping is a growing threat to personal finances. Criminals do not need to hack into your bank—they just need access to your phone number. Everyone should take extra steps to secure their accounts before they become a target."
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