Smartphone users SIM swap alert! Your phone number can be used for fraud - Stay safe, just do this

Just when you think that you are safe from all types of frauds doing the rounds, a new type is discovered. One of these is the SIM swap fraud where scamsters are using phone numbers to get access to OTP and rob people of their money. The fraud was recently brought to light by HDFC Bank which sent an email to its customers, warning them about it. 

“SIM Swap is an activity where a new SIM is issued against your mobile number through the mobile service provider without your knowledge. It is used to receive One Time Password (OTP) and other notifications, necessary to carry out financial transactions,” HDFC Bank explained. 

Here’s how easy a SIM Swap is to carry out: 

The fraudster obtains the victim’s bank account details and registered mobile number via social engineering tactics such as phishing, vishing, smishing, etc. After this he/she can visit the mobile operator’s retail outlet posing as a victim or simply to get SIM changed, submits a fake ID proof and gets the original SIM blocked. 

Post verification, the operator deactivates the genuine customer’s (victim) SIM, and issues a new SIM Card to the fake customer (fraudster). 

Now, the fraudster can obtain OTP’s with the new SIM to conduct fraudulent transactions on the victim’s accounts using the banking details obtained via Phishing/Vishing tactics. 

You can do this to stay safe: 

If your mobile number is inactive, call your Mobile Operator immediately to enquire about the cause. 

Register for regular SMS and E-mail alerts for your Banking transactions. 

Keep regular track of your Bank statements and transaction history. 

Contact phone banking to immediately have your account blocked to avoid further fraud.