Last Update: December 20, 2022, 21:27 IST
Mobile phones could be the ideal weapon for attackers
Fraud scam alert! If you think OTP is needed for verification to access your bank account then SIM swap will definitely make you worried.
You must have read the news recently, where a person living in Delhi is getting missed calls many times on his phone, and even a blank call, in which no one speaks. And the next thing he learns that a huge amount of Rs 50 lakh was withdrawn from his bank account.
People usually say that SIM-based authentication requires approval from the individual through a One-Time Password (OTP), which they receive on their mobile number. But in this case a missed call was enough to get the job done.
The reason for this fraud is being suspected by the police as a SIM swap, which is made possible by accessing the personal details of the victim and forcing them to share confidential details and use them for mischievous purposes.
So what exactly is SIM swap fraud, how can one use this technique to steal money from your account and how can one prevent such actions? Here are all the details about this new form of fraud.
New Age Mobile Fraud?
The modus operandi of SIM swap fraud isn’t much different from regular attacks, it just seems more sophisticated and takes advantage of people being careless about their attitudes on the Internet. The SIM swap process allows the fraudster to gain access to your phone number. Now, how do they do this?
Firstly, they will send phishing email to your email id which is picked up from various platforms. They also use fake calls to get all the personal details about the alleged victim.
Once they have all the required details, they reach out to the telecom operator and ask them to issue a duplicate SIM, such as in case their phone is lost or the old SIM is damaged. If the details presented to the telco are correct, there are chances that the fraudster will be able to activate a SIM card on your number, in this case, the victim of this fraud.
Now, if the duplicate SIM is active, you will see that the original SIM on the number stops working as the telco blocks them at their end. With phones becoming a powerful tool to access various accounts these days, an attacker can retrieve your bank account number, receive an OTP on the linked mobile number and be able to withdraw money without raising any suspicion Could
How to prevent events like sim swap?
The general tips to prevent any type of cyber or mobile fraud refer to user awareness and knowledge about these attacks which can be used to defraud them at any point of time.
– Avoid opening emails from unknown senders, and always check email ID details before downloading any attachment or clicking on any link.
– Never share your account details, email id or password with unknown callers who may call themselves bank executives of telecom operators. Neither the bank nor the operator will ever ask about these details.
– If you suspect a transaction or phone call that may pose a threat, inform the authorities or the telecom operator about such activity on your number.
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