Be aware of SIM SWAP FRAUD! Its happening.

We all live in a technical environment and from toddlers to stick holders every age group knows how to handle the smart phone. Each and every person is addicted to this smart phone which actually gave birth to an idea of another technical crime called SIM SWAP FRAUD.

WHAT IS SIM SWAP FRAUD ? 

A new fraud called SIM SWAP has started. Your phone network will go zero and after sometime a call will come. Person will tell you that he is calling from Airtel/Vodafone/Jio and there is a problem in your mobile network. Please press 1 on your phone to get the network back. Once you press 1, the network once again become zero and your phone is hacked. This is called as SIM SWAP fraud, which is increasing day by day. Within second they will empty your bank account.

HOW DOES IT WORK ? 

  • Fraudsters obtain banking account details and your registered mobile number through phishing or through Trojans/Malware
  • Under the pretext of losing the mobile handset, new handset or damaged SIM card, fraudster approaches mobile service provider by creating a fake identity of genuine customer
  • Post customer verification, mobile service provider will deactivate old SIM card which is in customers possession and issue a new SIM card to the fraudster. There will be no network on customers handset. Now, customer will not receive any SMS , information such as alerts, OTP, URN etc. on the phone
  • With the banking details stolen through phishing or Trojan/Malware fraudster will access and operate your account and initiate financial transactions which you will not be aware of and all the SMS for alerts, payment confirmation etc. will go to the fraudster. (states a well known bank)

An actual sim swap fraud happened in one of the well established banks of jaipur. It all happened the same way as mentioned above and a huge amount was withdrawn from the account without the owner’s attention. So dear all be aware of the swap fraud otherwise you many never know it would cost you more than you imagined.

HERE IS WHAT YOU CAN DO TO PREVENT IT :

1. If your phone is out of network continuously for a few hours, then you have to take it seriously and be alert and complain the same to a mobile operator.

2. Never switch off your mobile for long periods to avoid unwanted calls.

3. Instead, try not to pick them. Otherwise, activate DND (Do Not Disturb) facility for your SIM.Regularly check your bank account statement.Register for both email as well as SMS alerts.

So please be careful while picking the calls and spread the message to all ypur knows.

Be safe.

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