SIM Swap Fraud & its Protection

By SIM swap, we simply mean changing mobile SIM cards. If this is done without your knowledge, then it is probably done for some fraudulent activity. Under SIM swap fraud, fraudsters get a new SIM card issued against your registered mobile number via the mobile service provider. With the help of this new SIM, they can get One Time Password (OTP). And other alerts required to carry out financial transactions through your bank account.

Modes of Operation:

In SIM Swap Fraud- The fraudster obtains the victim’s bank account details and registered mobile number. This can be done via social engineering tactics such as phishing, vising, smashing, etc.

– After this, he/she visit the mobile operator’s retail outlet posing as the victim with a fake ID proof to get the original SIM blocked.

– Post verification, the operator deactivates the genuine customer’s (victim’s) SIM and issues a new SIM card to the fake customer (fraudster).

– Now, the SIM swap fraudster can obtain OTPs with the new SIM. To conduct fraudulent transactions on the victim’s accounts using the banking details obtained via Phishing / Vishing tactics.

How to protect yourself from fraud?

Beware of SIM Swap Fraud by social engineering tactics (vising, phishing, smashing).Which aim to steal your confidential and personal data. If your mobile number is inactive / out of range, inquire with your mobile operator immediately. To avoid the worst-case scenario, immediately change your bank account password. Register for regular SMS as well as e-mail alerts for your banking transactions. (Even if your SIM is de-activated, you shall continue to receive the alerts in email).

Periodically access your bank account statement. To ensure that the transactions reflecting in the statement have indeed been made by you.

In case of a fraud, contact phone banking immediately to have your account blocked and avoid further fraud.

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