THE cell phone service provider, MTN, insisted yesterday that its popular SIM-swap service does not compromise its customers’ banking details.

This comes after it had received several reports regarding funds being stolen from customers’ personal bank accounts.

According to the cell phone giant, there is a perception among the public that its customers’ banking details are being compromised during the SIM-swap procedures. However, MTN has assured its customers that this is ‘highly impossible’.

“MTN wishes to assure its customers that it has put security requirements and systems in place to improve security. MTN continuously reassesses the applicability of such security controls and as and when such security controls are breached, new and different controls are developed and implemented,” the company said in a press release.

A range of other security interventions for the SIM-swap process had also been implemented to further ensure security, including improved SIM-swap verification and a double opt-in to activate the SIM swap, MTN said.

They urged customers to safeguard their internet and telephone banking log-in details and password against social engineering (‘phishing’) to safeguard their accounts.