What is SIM Swap Fraud?

Mobile numbers have become an identity of a customer and many services, including banking services, are being offered through mobile these days. The bank has built many security features around mobile numbers like transaction messages, One Time Passwords for financial transaction, NetSecure Code, etc. Such informations are very essential to defraud the customers. In SIM-Swap Frauds, the fraudsters try to get duplicate SIM card from telecom operators on the pretext of lost SIM or connivance with their representatives and then access such confidential information sent by the bank.

How it occurs?

  • Fraudsters obtain your mobile no. and other bank account details from Phishing, Vishing or Trojan/Malware attack or social engineering.
  • Then they ask the telecom service provider for replacement of SIM on some pretext like new handset to loss of SIM/handset.
  • Fraudsters may connive with representative of telecom operator or produce fake documents to get the duplicate SIM.
  • With the banking details stolen through Phishing or Trojan/Malware, fraudsters will access and operate your account and initiate financial transactions which you will not be aware of since SMS alerts, payment confirmations, etc. will go to the fraudster.

How to prevent a SIM Swap?

  • Enquire with your mobile operator if you have no network connectivity and you are not receiving any calls or SMSes for unusually long periods.
  • Do not neglect messages sent from your network provider that highlight a probable SIM-Swap. Remember to respond quickly to such messages.
  • Never switch off your smartphone in the event of you receiving numerous unknown calls. It could be a ploy to get you to turn off your phone and prevent you from noticing a tampered network connection.
  • Register for instant alerts (both SMS and Emails) that inform you of any activity in your bank account.
  • Check your bank statements frequently to identify irregularities.