Avoid Being a Victim of SIM Swap Fraud

One method that cyber criminals are using is that of a SIM swap:In the era of Corona virus epidemic, most of the government and private employees are doing their office work from home. In such a situation, they use the Internet maximum time during the day. These days cyber criminals are also taking advantage of this. Bank fraud cases are increasing constantly. Therefore, it has become very important to pay attention to safety. One of the ways in which cyber criminals are using it is by SIM swap.

What is sim swap?

Mobile phone has become an easy medium of banking. A person gets account related alerts on mobile phone, One Time Password (OTP), Unique Registration Number (URN), 3D Secure Code, etc. required for financial transaction. With this, many financial inquiries are done through mobile.

Under SIM swap / exchange, the fraudsters issue a new SIM card for your registered mobile number through the mobile service provider. With the help of the new SIM card, the fraudulent person gets the URN / OTP and alerts required to conduct financial transactions through your bank account.

How is this fraud?

Avoid Being a Victim of SIM Swap Fraud
  • The fraudsters get banking account details or your registered mobile number through phishing or malware software.
  • By falsely pretending to lose a mobile phone, a new phone or a broken SIM card, they talk to a fraudulent mobile service provider with a fake identity.
  • After the customer verification, the mobile service provider deactivates the old SIM card, which is with the customer and issues the new SIM card to the fraudulent person. There will be no network in the customers’ phones. Now the customer will not get any SMS, information like alerts, OTP, URN etc. on the phone.
  • Through phishing or Trojan / Malware software, the fraudster will access and operate your account and do financial transactions that you are not aware of and all SMS will go to the fraudulent person for confirmation of payment and alerts.

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How to avoid sim swap

  • Be aware of your phone’s network connectivity. If you feel that no call or SMS notifications have been coming for a long time, then something can go wrong and you should inquire with your mobile operator to ensure that you have not been cheated.
  • Some mobile network operators and customers send alerts to customers to alert about SIM swaps, which means that you can take action and stop this fraud by contacting your mobile operator immediately.
  • In the meantime do not switch off your mobile phone. If you are receiving harassing calls, do not answer them. This can be a way to turn off the R phone or keep it on silent so that you do not know that there is something wrong with the connectivity.
  • Register for alerts (SMS and e-mail) so that you get an alert if there is a problem with your bank.
  • Check your bank statement and online banking transaction history regularly to help identify any issues or irregularities.

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