Guide

How to stop SIM-swap fraud

Protect your bank and money apps if someone takes over your number

In a SIM swap, a fraudster gets your phone number moved to a SIM they control, then uses the codes sent by text to get into your accounts. Protect yourself by locking apps with biometrics and a PIN only you know, never sharing codes, and acting fast if your line suddenly goes dead.

Last checked 12 November 2026

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This guide gives general safety tips. It is not legal advice. If you think you've been defrauded, contact your bank and mobile network straight away, and report it to the police.

How a SIM swap works

The fraudster first collects your details, often through a fake call, text or link that looks like it comes from your bank, network or a money app.
They then convince your mobile network, or someone inside it, to move your number to a new SIM or eSIM they hold. They may claim you lost your phone.
Your phone loses signal. Calls and one-time codes now go to them.
They use those codes to reset passwords and move money out of your accounts, often within hours.

Warning signs

Your phone suddenly shows "No service" or "SIM not registered" in an area where it normally works.
You get a text saying your SIM was changed, or a code you didn't ask for.
You get emails about password resets or new device logins that weren't you.
Someone calls to "verify" your account and asks for a code, PIN or password. No real bank or app needs these.

What to do in the first hour

Use another phone to call your mobile network and ask them to block the SIM and stop any swap.
Call your bank's fraud line and ask them to freeze your accounts and cards.
Contact the support teams of your other money apps and ask them to lock your account.
Change your email password from a safe device, because email is often used to reset everything else.
Write down the times and what happened, and report it to the police. You'll need this for any claim.

Settings that keep you safe

Turn on biometric login (fingerprint or face) for every money app, so a code alone is not enough to get in.
Set a transaction PIN that isn't your birthday or your phone PIN, and never share it.
Turn on push notifications for transactions, so you see any movement at once.
Use an authenticator app instead of text codes for your email, where you can.
Don't post your phone number, date of birth or BVN where strangers can see them.
Keep your phone's software up to date and avoid using money apps on public Wi-Fi.

What banks and regulators are doing

The CBN and the Nigerian Communications Commission (NCC) signed an agreement to share telecom data with banks to fight fraud. It includes a system that will let banks check if a number was recently swapped or flagged before a payment goes through. Rollout dates had not been published at the time of reporting.
NIBSS data shows bank fraud losses of ₦25.85 billion in 2025, down 51% on 2024. Fraudsters are still active, so your own settings matter.

Keeping your Palremit account safe

Turn on biometrics: Explore > Settings > Security > Turn on Biometrics.
Every withdrawal needs your 4-digit transaction PIN. Change it in the app if you think anyone has seen it.
Palremit will never DM you first or ask for your account details, PIN or codes on social media.
If something looks wrong, use the in-app live chat. Support is available 24/7.
If your card details may have been shared, freeze the card under Cards > More > Freeze card.

Useful pages

Help

Questions, answered.

What is SIM-swap fraud?

A fraudster gets your phone number moved to a SIM they control, so they receive your calls and one-time codes and can get into your accounts.

What should I do if my line suddenly stops working?

If there's no clear reason, call your network from another phone straight away, then ask your bank and money apps to freeze your accounts.

Can someone empty my account with just my SIM?

It's much harder if your apps need your fingerprint or face and a PIN only you know. That's why biometrics and a private transaction PIN matter.

Will Palremit ever call or message me for my PIN?

No. Palremit will never DM you first or ask for your PIN, password or codes. Use the in-app chat for support.

Sources

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