Many recent cases of ‘SIM swap scam’ occurred in different regions of India, where the victim received missed calls from unknown numbers and lost money from their bank account.
About SIM swap scam:
- Cybercriminals exploit the connection between physical SIM cards and banking applications by obtaining personal details through phishing or vishing.
- Phishing is an attempt by cybercriminals posing as legitimate institutions, usually via email, to obtain sensitive information from targeted individuals.
- Vishing is a type of cyber-attack that uses voice and telephony technologies to trick targeted individuals for sensitive data.
- All banking applications are linked to phone numbers which help in generating OTPs (to authenticate transactions) or receiving important bank-related messages.
- They then visit a mobile operator’s retail outlet, posing as the victim to report a fake theft of the SIM card, obtaining a duplicate SIM.
- By giving victims multiple missed calls, the fraudsters ensure that the victims leave their phones unattended.
- Once they have control of the SIM, they initiate transactions and withdraw money using the victim’s information and OTPs (One-time passwords).
- Fraudsters find victims through data breaches or by purchasing data from hackers or online portals.
- The culprits quickly discard duplicate SIMs, operate from different locations, and route the stolen money through cryptocurrencies, making it challenging to trace.
Steps for protection against this fraud:
- To be vigilant of vishing or phishing attacks.
- Avoid neglecting messages or switch off phones after receiving multiple missed calls.
- One must enquire with the mobile operator immediately after such an activity.
- One should change bank account passwords regularly.
- Register for regular SMS and e-mail alerts for banking transactions.
- In case of fraud, one must immediately get in touch with bank authorities to have their account blocked and avoid further fraud.
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