SIM-swap rules coming
New rules have been created to protect consumers against SIM-swap fraud.
SIM-swap fraud occurs when a scammer takes control of a consumer’s mobile number by using their personal details to request a new SIM, which can allow them to access the victim’s accounts.
In Australia, there are hundreds of reported fraud cases from scammers targeting customer authorisation processes, resulting in millions of dollars in financial loss
The new rules will require stronger customer identity checks when providers undertake high-risk transactions such as SIM-swap requests, changes to accounts or disclosure of personal information.
These checking processes may include use of multifactor identification (two or more proofs of identity including measures such as a unique code or secure hyperlink), biometric data, or government online verification services or documents in line with the Government’s Trusted Digital Identity Framework and the National Identity Proofing Guidelines.
The obligations will come into effect from 30 June 2022. The ACMA will closely review their effectiveness, including actively monitoring data from the ACCC and other sources.