What is Sim Swap and why it is important for everyone to know and understand it. This is basically a process of cancelling and re-activating a new Sim card to hack your bank account.
A SIM swap is, basically a type of fraud/scam that involves a fraud registering an existing number of a mobile company’s client on a new SIM card (the small device that slots in your phone, that allows you to make and receive calls, SMSes etc.). They usually do this in order to intercept notifications and OTPs, or one time passwords, that are sent to the client when he or she wishes to carry out a transaction of sorts on their online banking profile, change account security settings, etc. This allows them to steal money from the client, and he or she may not even notice before it’s too late.
This means, all calls and texts to the victim's number are routed to the criminal's phone, so they can activate codes or authorizations needed for online bank transfers, such as a one-time pin or password.
A fraudster just needs to pose as the victim to the phone provider, and report their phone as lost or damaged, only he needs to provide the bank with just a few personal details, which he can often get via social media.
As technology has advanced like anything in our life and mobile phone is the biggest gift to our generation. The use of a Smartphone percent has increased highly in our life’s so that we are doing every banking and monetary transaction with the same mobile device. We have apps and other application installed in our mobile to make our transaction easy. Which often leads us in losing our money?
One of the other issues as well is that most of people never have security lock in our devices.
But do ever think what will happen in case your number has been stolen by someone? Your OTP is shared with someone? Within a minute your entire savings can disappear and that’s what is this new mobile SIM hacking called SIM-Swap Fraud.
SIM-Swap involves a fraudster issuing a duplicate SIM card which is registered under your name. With a SIM card that shares the same number, the fraudster can stalk and save your bank related information via Mobile Banking transactions.
HERE ARE A FEW TIPS TO PREVENT A SIM-SWAP as shared by ICICI Bank:
- Enquire with your mobile operator if you have no network connectivity and are not receiving any calls or SMS’ for unusually long periods
- Contact your Service Provider immediately as soon as you receive an indication of a probable SIM-Swap
- Do not switch off your cell phone in the event you receive numerous unknown calls. It could be a ploy to get you to turn off your phone and prevent you from noticing a tampered network connection
- Register for instant alerts (SMS and E-mail) that inform you of any activity regarding your bank account
- Check your bank statements and online banking transaction history regularly so you can identify any issues or irregularities
- Do not share the 20-digit IMEI number mentioned on the back of the SIM card with anyone.
- Do not share any SMS alerts like One Time Password(OTP) etc. with anyone.
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