French police have arrested a business student interning at Société Générale who is accused of helping a SIM-swapping fraud ring steal over €1 million (approximately $1.15 million) from 50 clients of the bank. The intern, reportedly a Master’s student at a business school, was working at the bank’s headquarters in Paris and is alleged to have abused his position to access and share sensitive customer banking information with a criminal network.
How the scam worked
The intern provided personal and banking details of Société Générale clients to accomplices, including a specialist in SIM-swapping. Using this information, the SIM swapper contacted mobile providers, impersonating clients and claiming to have lost their phones, thereby convincing the providers to transfer the victims’ phone numbers to SIM cards controlled by the criminals. With control of the victims’ phone numbers, the fraudsters intercepted one-time security codes sent by the bank, allowing them to access accounts and withdraw funds.
Scope and accomplices
The ring is believed to have stolen over €1 million from 50 customers. Police identified several accomplices, including individuals responsible for laundering the stolen money. Raids on their homes uncovered cash and 15 luxury designer handbags from brands like Dior, Louis Vuitton, Chanel, Hermès, Balenciaga, and Givenchy. A 24-year-old man suspected of creating fake IDs for the group was also identified.
Société Générale has stated that affected customers have been reimbursed, but the incident raises questions about the vetting of interns and the bank’s internal security controls. There is no public indication that this SIM-swapping case is connected to recent raids on Société Générale’s offices related to a separate tax fraud and money laundering investigation.
