Source: Unsplash/ Priscilla Du Preez
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Australians who lost tens of thousands to SIM card fraud now have retribution after their telco was fined over compliance failures that led to the scam.
The Australian Communications and Media Authority (ACMA) revealed Medion has been forced to pay a $260,000 fine after the watchdog found the telco had not complied with customer ID rules.
As a result, nine customers had SIM cards illegally swapped and five of them together lost more than $160,000.
According to the ACMA, a process known as SIM-swapping allowed bad actors to take control of the customers’ phone numbers by using their personal details to request a new SIM card.
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