SIM Swap Frauds have become a raging topic around the world as multiple incidents have been recorded where users have ended up losing crores. To explain SIM Swap Frauds in simple terms, it is an online scam where hackers steal your personal details in order to convince your carrier or network provider to issue a new SIM and then use it to flush out your bank details and other credentials.
Recently, it was reported that a Mumbai-based businessman lost Rs. 1.86 crores after he was subjected to a SIM Swap fraud. Using the above-mentioned method, hackers were able to get a new SIM card in his name and transferred money to 14 different accounts across the country.
How do SIM Swap Frauds work?
Hackers will try to access your personal information including bank details by phishing, smishing or by using some Trojans or malware for SIM Swap Frauds. They will then approach the mobile operator your fake ID proof and request the network provider to block the SIM by giving reasons such as loss of phone or SIM damage.
The mobile operator, after all the verifications, will issue a new SIM with the same number to the hacker without knowing the actual truth and then, the genuine SIM card user will be without a network which means that he or she won’t receive any SMS alerts on the phone. Now, the hacker can easily initial financial transactions since he now has both the bank details and the mobile number for OTP (One time password). This way, Sim Swap Frauds are done.
SIM Swap Frauds: How to protect your SIM from being duplicated
1. Whenever your phone’s network is out of coverage for an extended period of time, alert and complain about the same to your network provider.
2. Apply a PIN or passcode on your SIM card.
3. Check your bank account statements on a regular basis.
4. Register for both SMS and email alerts for banking transactions.
5. Do not display your contact number on social media websites.
6. Never share the 20-digit SIM number present on the back of your SIM card with anyone.