Photo credit: CP24
According to the Toronto police, ten people face charges concerning a major SIM swap fraud that allowed suspects to access the cell phones and bank accounts of unsuspecting victims.
CTV News reports that 108 charges have been laid in the case dubbed Project Disrupt. Some charges against the suspects are fraud over $5,000, impersonation with intent, intercepting private communications, and possessing identity information for fraud.
Det. David Coffey told reporters that the investigation was launched in June 2023 after police received reports of compromised accounts from multiple telecom companies. He explained that a SIM swap scam is an “account takeover” fraud that exploits a weakness in two-factor authentication.
Police allege that the suspects used “convincing” fraudulent identification to impersonate victims at cellphone stores and financial institutions. According to Coffey, more than 400 pieces of fraudulent identification were seized as part of the investigation. Officers discovered over 1,500 cellular accounts throughout Canada were compromised.
He said the total loss to victims, financial institutions and telecom companies is believed to be over $1 million.
Two female suspects are still on the run.
