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SIM swap frauds will rise as nation goes cashless says IB

By Vicky
|

Bengaluru, Nov 18 In the midst of all the talk regarding demonetisation, some banks decided to update their customers about SIM swap fraud. Such instances have reported in the past as well. The fraudster collects personal banking information and then gets your SIM blocked.

fraud

He then goes on to get a duplicate SIM following which the mobile operator deactivates the genuine SIM card. The fraud then obtains the one-time password for transactions by using stolen banking information. Once the OTP is obtained, he goes on to transact.

Cases relating to SIM fraud have surfaced on and off. However today once again a concern has been raised about the rise in the number of such cases. The government has been insisting that the people must move towards cashless transactions. In such a scenario, there is likely to be a rise in the number of SIM swap cases as well.

How does SIM swap work?

First the fraudsters would use methods such as phishing, smashing and fishing to collect personal banking details. The fraud can use any of these methods to gather information. Through phishing he would collect information by sending out fake mails.

Under smishing the fraud would send a message with a web link. Once clicked a programme would be downloaded which would cause data theft. Under vishing, the fraud would call the customer posing as a bank executive and collect data.

Once the fraud manages to collect the personal information, he would block your SIM. He would then visit the mobile operator's store and seek a duplicate SIM and to do so provide fake identification proof. The original SIM is then deactivated and a new SIM would be issued. The fraud then obtains the one-time password for transactions by using stolen banking information. Once the OTP is obtained, he goes on to transact.

Stay safe guidelines:

- If you do not have network connectivity for long and are not getting calls or messages, immediately contact your service provider.

- If you are getting several unknown calls, do not switch off your phone. It is a ploy to get you to turn off your phone and prevent you from finding out that your network is being tampered with.

- Ensure that you are registered for instant alerts both on mail and SMS so that you have information about your account.

- Keep a close tab on your banking statement to see if there is an unusual transaction.

- Do not share any banking details and OTPs with anyone

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