Fraudster narrates how he can steal ‘untraceable money’ with any stolen SIM

An identified internet fraudster, in a video which has gone viral, has narrated how he and other criminals transfer people’s money using the Bank verification Number, (BVN) on stolen Subscriber Identification Module, (SIM) cards to an untraceable account.

The young man, roughly in his late twenties, stated that he is an Internet fraudster and revealed how he uses bank codes on SIM cards to transfer people’s funds and sometimes take loans from the person’s account and transfer it to an untraceable account.

Narrating the technique he uses to perpetuate his financial fraud, the young fraudster said the technique is called SIM transaction, also known as ‘Joker wire’. According to him, the technique will be successful as far as the said SIM card receives bank alerts.

The fraudster disclosed that if a SIM card that receives an alert is given to him, he will first press *425*100# and this code will display the name of the bank of the SIM-card owner. “If it is Access bank as a cease-study, I will dial *901*00# and it will show the bank account balance of the owner of the SIM card. In the course of resetting the PIN of the user, it will request for the account number of the user and the person’s date of birth. Most people save their account numbers as contacts while some people don’t”, he revealed.

The fraudster further revealed that if the account number is found on the SIM card, he will now use the BVN to bring out the details of the user by pressing *565*0#.

“Immediately, it will bring out the account details and I will re-register the bank details such as date of birth and start transferring the funds after I have also changed the PIN”, the young man added. When asked if the user does not have funds in the bank account, the fraudster said that in as much as it is a salary account, he will use the account to borrow some funds from the bank. This technique, according to him, only works for SIM cards that receive bank alerts, saying it cannot work with any other SIM card.

When asked if he transfers such funds to his personal account, he responded negatively. Such funds, he said, will be transferred to untraceable accounts. “To create an untraceable account, I will use someone’s BVN number to open an account that will be traced to the person but not me. The new account will have details of the said person but I will be the user of the new account while the person who has the BVN number will be responsible for my actions”, he revealed.

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