SIM Swap Fraud: This is the second phase of fraud. In the first phase, fraudsters obtain your bank account information through fishing, Trojan, Malware.
SIM Swap Fraud: The new technology, the new ways to rob you. It is important that you be cautious in money transactions and online and mobile banking transactions (Mobile Banking). The world is round and in the same way every one of your personal information is connected to each other. They say that the strength of the chain is gauged from its weakest link. If even one link becomes weak then the account may be empty.
Your mobile number is as important as the banking PIN. On this, OTP (One Time Password) of every transaction comes, important information like Secure Code, Bank Updates, Unique Registration Number (URN). You can even get some information related to your bank account from your phone number. Now imagine if a fraudster is sitting in the same phone number, then your account is not in danger? This is the SIM Swap Fraud and banks are also warning about this.
How is SIM Swap Fraud?
Frauders copy your sim. For this, by adopting tricks like fishing, Trojan, Malware, they first get information about your banking and registered phone number.
Stay alert and practice safe banking. Always contact your mobile network provider immediately in case you notice an unusually long absence of network, alerts, or calls.
Learn more here: https://t.co/DcftA5nn31
#SIMSwapFraud #iPledgeSafeBanking pic.twitter.com/RqqXC28q51— ICICI Bank (@ICICIBank) April 16, 2021
Then they get your service provider (Service Provider) to issue a new SIM in your name – for this, they pretend to lose the phone or cause the phone or SIM to malfunction. Many times, you can have a Fraudster message or phone to take the necessary steps mentioned by them to do a SIM Upgrade or to stop the SIM from being turned off. If you did that, then they can easily get your information and issue a new SIM on the same number.
SIM Swap Fraud: After verification from the service provider, your old SIM will be deactivated and they transfer money to themselves after getting the banking information received from you and you don’t even know. By the time you have guessed the account is empty.
Now you will think that why would a fraudster work so hard?
Everyone is aware of stories like Jamtara. You have to understand that SIM Swap Fraud is the second stage. In the first phase, they have removed the basic information of your bank account through phishing, Trojan, Malware. To take full advantage of this collected information, you should have access to your phone. And with sim swap it becomes easy for them to withdraw money.
How to avoid fraud?
SIM Swap Fraud: SIM swap fraud is the second stage, so you have to be alert for the first step only. That is, avoid any phishing, scam messages and do not share your banking information anywhere.
You have to be cautious about the connectivity of your phone. If you feel that you have not been receiving any SMS or alert for a long time, then understand that something is wrong. First of all, you should take information from your mobile operator whether your registered number is closed or swapped.
SIM Swap Fraud: There are many times that you repeatedly call fraudulent phones so that you get upset and turn off the phone silent or switch. By doing this, you will not know whether your number is active or not. At the same time, many operators message you before SIM swap. First thing is that if your phone is silent or switched off, then you will not be able to pay attention to them, and secondly, if any such message comes to you, then contact the operator immediately.
Turn on the alert of banking transactions through e-mail so that you can get updates on the phone as well as on the mail. And keep watching the transaction history of the bank from time to time.
In case of any doubt, contact the bank or the telecom operator.
