SIM Swap Fraud: What is it?

SIM Swap Fraud: What is it?

Recent events have seen unsuspecting people become victims of SIM swap fraud, which has resulted in significant financial losses. In one case, after fraudsters gained access to a private school teacher's two bank accounts, the teacher lost Rs 1.5 lakh through eight transactions in less than three hours. In a similar vein, a businessman in South Delhi lost more than Rs 50 lakhs to unidentified con artists after getting several missed calls.

Recognizing SIM Swap Fraud

l SIM swap scams take advantage of the link that exists between real SIM cards and banking apps. They use phone numbers to get OTPs and important messages about banks.

l Fraudsters typically start by using phishing or vishing (voice phishing) techniques to obtain personal information, such as phone numbers and bank account information.

l Phishing is the practice of sending malicious links through emails or messages that, when clicked, take control of the victim's personal data.

l Armed with this knowledge, the con artists go to a retail location of a mobile operator, pretending to be the victim using a forged ID as proof, and fabricating a report alleging that the victim's SIM card or phone has been stolen.

l This allows them to get a second SIM even if the first SIM is still working. Instead of going to the victim's SIM, all activation messages and details are sent to the scammer's.

What Missed Calls Do

SIM swap scams don't require direct victim communication, in contrast to other scams that do. Nonetheless, con artists do deliver missed calls to their intended victims in an attempt to get them to leave their phones alone and ignore the loss of network connectivity.

Money Theft from Bank Accounts

The fraudsters use phishing to obtain the victim's banking credentials and personal information. Then, they access bank portals and create OTPs in order to withdraw money. All OTPs are routed to the con artists, who then have control over the victim's SIM card, allowing them to verify transactions and steal money.

Locating Sufferers

In these scams, the accused parties either buy data from online portals or buy data from hackers who are involved in data breaches. Private companies that store large amounts of customer data are frequently the target of hacking attacks. These security lapses reveal a plethora of personal data that con artists can take advantage of.

Detentions and Obstacles

The Delhi Police claim that no one has been detained thus far in relation to these scams. The offenders quickly threw away duplicate SIM cards and worked from different locations to avoid being apprehended. Additionally, the pilfered money is transferred via a variety of avenues and frequently transformed into cryptocurrency, which is encrypted and impossible to track down.

How to Guard Against SIM Swap Fraud

The following measures should be taken into consideration to prevent SIM swap fraud:

Remain Vigilant: Exercise caution when facing phishing and vishing attempts.

Don't Ignore Missed Calls: Don't ignore messages or turn off your phone after getting several missed calls. If you see strange activity, get in touch with your mobile provider right away.

Switch Passwords: Update your bank account passwords on a regular basis.

Activate Alerts: Sign up to receive email and SMS alerts for your bank transactions.

Take Immediate Action: To block your account and stop additional fraudulent transactions, get in touch with your bank as soon as possible in the event of fraud.

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