Gardaí have been investigating fraudulent sim swap attacks targeting customers of an Irish commercial bank.
A man has been arrested in Dublin as part of an ongoing Garda investigation into sim swapping, account takeover and money laundering.
In a sim swap, a fraudster convinces the phone provider of a potential victim – having gained information about the latter beforehand – to switch the victim’s phone number over to the fraudster’s sim card.
Through this, fraudsters can then access the victim’s sensitive accounts. The main goal of this form of fraud is typically financial gain, such as the stealing of bank and credit card information.
Gardaí say they have been conducting an extensive investigation into fraudulent sim swap attacks targeting customers of an Irish commercial bank which incurred losses of around €200,000 and for which a man has been charged and convicted.
A Garda spokesperson stated that, as part of this probe, Gardaí attached to the Garda National Economic Crime Bureau (GNECB) identified a supplier of SIM cards used to facilitate sim swap fraud.
On Thursday morning (25 August), Gardaí conducted a search at a residence in the Tallaght area of Dublin 24 where they arrested a man in connection with the investigation.
The man, aged 27, is currently being detained at Clondalkin Garda Station under Section 50 of the Criminal Justice Act, 2007.
The Garda spokesperson said investigations are ongoing.
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