Beware of SIM Swap Fraud | Fusion - WeRIndia

Beware of SIM Swap Fraud

Beware of SIM Swap Fraud

Now-a-days banking is very easy as it is in your fingertips. It is made simple with mobile banking. So, many people are using their mobile phones for bank transactions. Those who are using net banking or mobile banking may know about OTP, the One Time Password sent by banks to make sure the transaction you made is secure.

As technology is progressing, frauds are also proportionately rising. Many are aware about phishing, card skimming, identity theft etc. Now the latest cyber fraud is SIM swap fraud.

SIM Swap means replacing you SIM with a new SIM card on your name and mobile number without your knowledge. Fraudsters use this SIM card to get OTP which is mandatory for making transactions on net banking or mobile banking.

Fraudsters get your personal details through phishing attack. Then they create new accounts using fake IDs. Since SIM card plays crucial role in making bank transactions to get OTP and other alerts, fraudsters request service providers a duplicate SIM card stating the damage of old SIM card or loss of mobile. Then, the money in your account will be transferred to their account since they transfer the money by creating beneficiary accounts. Fraudsters will create as many as they can to withdraw the maximum possible money from the account immediately.

While all this is happening, the original bank account holder will not have a single clue. The worst part is that his/her SIM will be blocked. Everything will be over by the time the user is aware of the situation. There is no benefit even after knowing the situation. Hence, take care to prevent such situations. You are aware that prevention is better than cure. Here are certain preventive steps:

  1. Protect your banking transactions by adding various layers of security features and include as much information as you can to avoid such scams.
  2. If you are not receiving phone calls or SMS alerts from your bank for a long time, check with them immediately.
  3. Never share all your personal details on social media with which you can be trapped.
  4. It is recommended to use a separate mail ID for doing bank transactions.

Image by tomekwalecki from Pixabay (Free for commercial use)

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