How to protect yourself from fraudsters using SIM swap to siphon off your bank money

New Delhi: Lately there have been a growing surge in customer grievances relating to bank fraud using SIM swapping technique.

Fraudsters have siphoned off massive amount from bank customers using this method.

Know how SIM swap works and how fraudsters use this method to siphon off your bank money.

What is SIM Swap fraud?

Fraudsters gets a new SIM card issued against your registered mobile number through the mobile service provider under SIM swap facility. They use the new SIM card, thus obtained to get URN/OTP and alerts required for doing financial transactions through your bank account.

How do they use SIM swap to initiate financial transactions?

Your bank account details can be hacked through phishing or Trojans or Malware.

After getting your details, fraudster can operate your account and initiate financial transactions by generating fresh OTPs.

Since your current SIM is already blocked and the new SIM (Obtained through SIM Swap) is with the fraudster, you won't get any transactions SMS. And hence you will have no idea of your bank money being siphoned off.

What do fraudsters do to successfully get new SIM using SIM Swap method

Fraudsters may approaches mobile service provider by creating a fake identity of genuine customer.

In some cases, they may pretend as tele-marketing callers or telecom operator callers. They pressure you into revealing your unique 20 digit SIM number (found on the back of your SIM) and then ask you to press certain number from your phone.

This will automatically generate a Swap SIM request.

Upon getting such request, your service provider will deactivate old SIM card and activate the new SIM card to the fraudster.

How to protect yourself from fraudsters using SIM swap to siphon off money from your bank?

Check for your mobile's network connectivity status. Make sure it does not remain out of connectivity for long.

Do not switch off your phone if you get incessant calls from unknown numbers. Fraudsters usually do this to buy time because the new SIM takes 4-5 hours to get activated.

Register for both SMS and email alerts regarding your banking transaction.

Keep a track of your bank statements and online banking transaction history regularly.