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Dimapur, April 8 (EMN): ICICI Bank has warned its customers about SIM-Swap fraud yesterday, April 7, and has advised its users not to share contact details publicly on any social media platform.
In a Twitter post, ICICI Bank warned its users about the new SIM-Swap fraud and shared a link to its website where customers can read in detail on what SIM-Swap fraud is and guidelines on how to prevent it.
Never share your contact details publicly on any social media platform as it is a sensitive personal information. Stay safe and practice #SafeBanking.
— ICICI Bank (@ICICIBank) April 7, 2021
Learn more here: https://t.co/DcftA5EXUz
#SIMSwapFraud #iPledgeSafeBanking pic.twitter.com/Sw9ohgKHFV
According to ICICI Bank's website, under a SIM-Swap scam, "fraudster manages to get a new SIM card issued for your registered mobile number through the mobile service provider. With the help of the new SIM card, fraudster gets URN/OTP and alerts required for doing financial transactions through your bank account."
Fraudsters can obtain contact details through your social media pages. After obtaining your contact number, they can call you posing as a bank executive and ask for your account details. This process is known as phising.
Hackers can also hack your phone by installing a trojan or malware in your phone through an infected email or compromised webpages.
After obtaining your registered mobile number and account details, these fraudsters can approach SIM card issuers and apply for a new SIM card with the same number. They may use any number of excuses to get the new SIM card and they may use forged documents to authenticate their request. Once they obtain their new SIM card, they will be able to get OTPs and alerts to engage in unauthorised transactions at your expense. The victim may not be able to react in time since their original SIM card stops working once the fraudsters get their hands on the new SIM card with the same registered mobile number.