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March 14, 2017

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SIM-swap fraud goes up for trial in Pudong

THE trial concerning a man demanding compensation from both China Unicom and China Merchants Bank over a SIM-swap fraud began yesterday at the Pudong New Area People’s Court.

The man, surnamed Zhu, said he was unable to get a signal during the afternoon of January 6, 2016, and he went to a China Unicom outlet after work to find out what the problem was.

Unicom told him a male, posing as the victim, had used a fake ID card to activate a new SIM card, allowing the alleged fraudster to hijack the phone by resetting Zhu’s mobile banking passwords. He was said to have done so by using a dynamic password sent to the phone, and then transferring nearly 200,000 yuan (US$28,950) from Zhu’s account.

Zhu said China Unicom had failed to verify his identity when the fraudster impersonated him and China Merchants Bank had set an unreasonably high online banking transfer limit. He wants both organizations to pay for his loss. The court’s ruling is pending.


 

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