What is a SIM swap fraud? Know the safety tips?

Aug 18 2019 12:18 PM
What is a SIM swap fraud? Know the safety tips?

Nowadays, the incidence of SIM swap fraud is on the rise. Day by day, there are reports of frauds taking place in which fraudsters commit theft of lakhs of rupees. In the latest case, Rs 18 lakh was stolen from the bank account of a Delhi businessman in a similar fraud. Fraudsters manipulate the mobile number registered with their victim's bank account to carry out this fraud. Moreover, for fear of being caught, these fraudsters transfer money to different accounts. Let us know how SIM swap fraud can be avoided.

Understand what SIM swap means: SIM exchange or cloning of SIM. A new SIM is registered with your phone number. As soon as this happens, your SIM card closes and the signal disappears from the phone. Now another person transfers your money to your account using the OTP on the second SIM registered with your number.

This is the beginning: begins with a call in which the person in front claims to be an executive of Airtel, Vodafone or any other service provider. They talk about fixing call drops on your smartphone or increasing internet speed.

Ask for SIM number: During the conversation, they try to ask you for a unique number of 20 digits of your SIM. This number is written on the back of your SIM. Once you've got your number, they ask you to press 1, which leads to authentication and completes the SIM swap process.

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