SIM swap fraud: 2 indications that you may have become a victim

11 months ago 57
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NEW DELHI: A

SIM swap

fraud happens when the

scamsters

gets a new

SIM card

for the mobile number registered with the bank. Using the SIM, the fraudsters get access to OTP & other bank alerts required for doing financial transactions. However, there are two indications which can hint that you may have become a victim of the SIM exchange fraud.
According to a post shared by the

ICICI Bank

on microblogging site Twitter, loss of network connectivity and absence of calls/messages/alerts on your mobile number for a long time could point towards a possible fraud. It is advisable to contact the telecom service provider immediately in case of these two circumstances.
“Stay alert and practice safe banking. Always contact your mobile network provider immediately in case you notice an unusually long absence of network, alerts, or calls,” reads Twitter post of the ICICI Bank.

Stay alert and practice safe banking. Always contact your mobile network provider immediately in case you notice an… https://t.co/8lSXxU41ki

— ICICI Bank (@ICICIBank) 1601569800000

The tweet also has a link to an online safe banking page that details more about the SIM swap fraud. According to this ICICI Bank page, SIM swapping/exchange is usually phase two of a fraud attack. The scamsters initially send a phishing email to get a user’s banking details. These details can also be stolen using Trojans/Malware. They also work towards getting the victims personal information and may even go as far as stealing identity and creating fraudulent ID documents. In order to use all of this gathered information, they need access to the victims mobile messages - hence the SIM swap.

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