What is SIM swap fraud ?… And how to protect yourself ?

What is SIM swap fraud

SIM swap fraud is a kind of fraud where the fraudster manages to issue new sim card from your mobile service provider on your behalf

This enables the fraudster to use your mobile data, call and messages including your bank OTP required to make money transfers.

How does SIM swap fraud work

• Fraudster calls (mail or message) you pretending to be your bank or mobile service provider asking you to message a 20 digit sim number present at back of the sim or sim packet in a particular format

• Fraudster approaches the mobile service provider with fake Id and issues new SIM on your behalf with fake reasons such as theft this deactivates the old sim, This happens within hours and the real owner often fails to notice his/her SIM card has stopped working.
• Fraudster steals or have already stoled bank credentials using Phishing or malware
• The fraudster initiatiates money transfer and receives OTP

How is SIM swap fraud dangerous

• It allows the fraud to gain access to OTPs for both banks for money transfer and social network for password reset

• It allows the fraud to use your identity to for illegal activities
• It allows the fraud to use your mobile balance in case of prepaid or a huge bill in case of postpaid

How to protect yourself

• Check with your operator if your number unusually stops working
• Do not share your 20 digits SIM number mentioned on the back of your SIM with anyone
• Do not display your mobile number on social media platforms
• Register for instant bank alert with your bank
• Never respond to unknown emails or calls asking for your account details or mobile number
• Never share your banking credentials or OTP to anyone or any scam websites
• Either do not install apps from unknown sources or use good antivirus

Sources and artwork

PhonePe

PayTm

Bankingfinance.in

globalbankingandfinance.com

governancenow.com