What is SIM card exchange fraud and how to stay safe

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Today, mobile numbers are connected to almost everything. Driver’s license, Aadhar, digital accounts and even bank accounts. This is the most convenient way to communicate, as they are always in the hands of the consumer, and they can respond to any message sent. But it also means that fraud can easily occur when a number is associated with everything. This is why the banking system has created several security settings such as OTP, 3D verification, etc. to ensure that this is not easy, if not impossible. Today we are talking about such fraud – SIM Swap Fraud and how to protect yourself.

What is SIM swap fraud

One of the main problems with a number associated with an account is that if someone has your number and with basic knowledge about you, which is readily available in social media, they can access your bank account or online transactions It can easily be done by a family member, a friend and even those you do not know.

Under Swap Swap Fraud, fraudsters can issue a new SIM card against your registered mobile phone number and then use OTP from your bank account to access it.

How scammers access your SIM card

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Scammers collect your personal information by phishing, phishing, phishing, phishing, phishing or other means. This is the most important thing, and that’s why you shouldn’t share your signature, bank account and even a copy with anyone.

Once they have all the basic information, they can call the mobile operator and block your SIM card You will use home address, date of birth and other information required by the company.

Post this, they can visit a mobile operator’s retail store with false proof of identity provided as a customer. They even have an approval letter to get a new real SIM card.

Once the SIM card is activated, you can receive OTP for debit and credit card transactions, and you won’t even know until you have other means to be notified.

The process seems simple, but is not very simple. Someone must have all the information about you, including card numbers, CVV, address, date of birth, etc. However, if someone is interested in learning all the details about you, it is not impossible.

How to prevent a SIM card exchange scam

  • Take quick action if you see your phone number inactive for a long time and it stops working in an unusual way.
  • Do not disclose your phone number, 20-digit SIM number, IMEI number
  • Sign up for immediate e-mail notification to your bank.
  • Do not answer e-mails or unknown calls asking for your account or cell phone number information.
  • It’s a good idea to block spammers with applications like TrueCallers.
  • When travelling abroad, make sure basic services such as SMS and calls are activated. If the bank wants to contact you, it is worth it.First call your bank and block your debit and credit card transactions, if you have identified a fraudulent transaction, call your operator and file a formal complaint. You must visit them with original identification and proof of address to process your case.It is a good idea to protect your account and mobile phone number in several ways. Most importantly, we need to know where and how you share your personal information.

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