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What is SIM-Swap fraud and how to prevent it?

By Eastern Mirror Updated: Apr 08, 2021 10:53 pm
Sim swap fraud post by ICICI bank
Credit: ICICI Bank.

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.

What is SIM-Swap fraud?

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.”

How does SIM-Swap fraud work?

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.

How to prevent SIM-Swap fraud?

  • Be aware of your cellphone’s network connectivity status. If your phone does not show any network connectivity, immediately contact the service provider for details on your network status.
  • Some mobile network operators may send customers an SMS to alert them of a SIM swap. In case you receive one, contact your bank immediately.
  • Do not share your registered mobile numbers publicly on social media platforms.
  • Do not switch off your cellphone in the event you are receiving numerous annoying calls, rather don’t answer the calls. This could be a ploy to get you to turn off your phone or put it on silent to prevent you from noticing that your connectivity has been tampered with.
  • Register with your bank for email and SMS alerts.
  • Always check your bank statements and online banking transaction history regularly.
By Eastern Mirror Updated: Apr 08, 2021 10:53:19 pm