SIM swap frauds will rise as nation goes cashless says IB
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.
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.
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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