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Sunday, January 24, 2021

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

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NEW DELHI: A SIM swap fraud happens when scamsters manage to get a new SIM card for the victim’s mobile number that is linked to his/her bank account. Using the SIM, fraudsters get access to OTP and 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 ICICI Bank on microblogging site Twitter, loss of network connectivity and absence of calls/messages/alerts on your mobile number for a certain time may be an indication of a possible SIM fraud. It is advisable to contact the telecom service provider at the earliest in these cases.
“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.

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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