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Did your SIM stop working? Know how your simple mistake helps scammers siphon off money from your bank account using SIM Swap

Under SIM duplication or SIM swap, fraudsters manage to get a new SIM card issued against your number. 

Did your SIM stop working? Know how your simple mistake helps scammers siphon off money from your bank account using SIM Swap

Cybercriminals have been duping people off their hard-earned money using SIM duplication/cloning techniques. Through this technique, scammers get control of all your SIM-linked activity including access to One Time Passwords (OTP). There are numerous instances when people shared confidential details with scammers after falling into their trap/lucrative offers and later lost their money. 

What is SIM Duplication/SIM Swap?
Under SIM duplication or SIM swap, fraudsters manage to get a new SIM card issued against your number. For this, they first collect your personal data using Phishing, Vishing, Smishing or any other means. Sometimes, they even call the victims, try to intimidate them with different statements like their SIM will get deactivated or de-linked from their bank accounts and then ask for the ICCID which is the 16-digit/20-digit serial number printed at the back of every SIM card.

Once the scammers have all the relevant details, they first call the telecom service providers to deactivate the genuine SIM card. After this, they visit the mobile operator's retail outlet with the fake ID proof, posing as the customer. The mobile operator deactivates the genuine SIM card and issues a new one to the fraudster. With the help of this new SIM card, they get One Time Password (OTP) and alerts, required for making financial transactions through their bank accounts.

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Since the SIM is deactivated, the victims remain unaware of the fraud until thee check their bank statements.

How to protect yourself from SIM swap fraud?

* Do not respond to a communication asking for your SIM details on the pretext of updating your existing SIM. Check with your mobile operator if you face any uncertain functioning of your phone.

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* If your mobile number has stopped working for a longer period, enquire with your mobile operator to make sure you haven't fallen victim to the scam.

* Keep regular track of your bank statements to monitor your transactions.

* Do not share sensitive information like OTP, CVV, card number etc. with anyone.

* Restrict unwanted transactions like foreign transactions on your credit cards using the feature provided to you by the bank.

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