The magnanimity of technology across the globe is turning out be a biggest threat to the society.Inordinate dependence on technology has resulted into deep trouble for the people rather than finding the solution to their problems.The progressive development of technologies have made fraudsters easier to scam people and take control of the globe.
When it comes to banking on your smartphone, it is important to remember that your SIM card has a direct connection to your bank. Any lapse in securing it can lead you to becoming a victim of fraud like SIM card swap, which puts both, your personal and financial data at risk.
What is Sim card swapping?
SIM swap is a type of phishing fraud that poses a serious threat to customer and bank security. The fraudster obtains an individual’s banking details through phishing techniques or by purchasing these from organised crime networks. They then use this information, including personal details sourced via social media, to pose as the victim to the mobile network operator and fool them into cancelling and reactivating the victim's mobile number to a SIM in their possession. As a result, all calls and texts to the victim’s number are routed to the fraudster’s phone, including one-time passwords for banking transactions. After receiving a one-time pin or password from a bank, the fraudster can then potentially access the customer’s bank account and transfer funds.
- Never share your personal information or the one time password (OTP), which is generated at the time of an online banking transaction, with unidentified callers. No bank employee (or phone service provider) will ask for personal details on a call.
- Never give your 20-digit SIM number that is printed on the back of the SIM. The moment you provide your 20-digit SIM number the fraudster asks you to press 1 and this confirms that you have agreed to swap the SIM. Once the swap is carried out successfully, your SIM card will stop receiving any signals on the phone. Once the swap is carried, the scamster gets a new SIM card which will receive the signals with your mobile number registered on it. Once your SIM is hijacked you can lose all your money from your bank account.
- It is advised to keep a regular check on your bank balance.
- Change your online banking password at regular intervals, which makes difficult for the scamster to crack.
- If you notice any suspicious activity on your bank account, immediately contact your bank and ask them to stop the transaction.
- Put a pin or password on your mobile account. Password must be very strong and include special characters like #,@,%^,etc.
- Ensure that your phone have updated anti-virus software.
- It is advisable to download programs, apps and information from known and trusted sources.
- Be vigilant and try to stay aware of your cellphone's network connectivity status. If you realise that you are not receiving any calls or SMS notifications for a long time, something may be wrong and you should make enquiries with your mobile operator to be sure that you have not fallen victim to this scam
- Some Mobile network operators send customers an SMS to alert you of a SIM swap - which means you can act and stop this fraud in its tracks by contacting your mobile operator immediately
- Do not switch off your cellphone in the event you are receiving numerous annoying calls, rather don't answer the calls. This could be a ploy to get you to turn off your phone or put it on silent to prevent you from noticing that your connectivity has been tampered with
- Register for Alerts (SMS and Email) so that when there is any activity on your bank account you will receive an alert.
- IT Pro Portal
- Sim card "swap", the latest call up threat : All you need to know. (2018). Orbit of True Tidings.
- ICICI Bank - Online safe banking tips
© 2006–2019 C–DAC.All content appearing on the vikaspedia portal is through collaborative effort of vikaspedia and its partners.We encourage you to use and share the content in a respectful and fair manner. Please leave all source links intact and adhere to applicable copyright and intellectual property guidelines and laws.