What is a SIM swap scam?
A
SIM swap scam is a type of fraud that involves a criminal registering
an existing number of a cellular company’s client on a new SIM card (the
small device that slots in your phone, that allows you to make and
receive calls, SMSes, etc.)
They usually do this in order to intercept
notifications and OTPs, or one time passwords, that are sent to the
client when he or she wishes to carry out a transaction of sorts on
their online banking profile, change account security settings, etc.
This allows them to steal money from the client, and he or she may not
even notice before it’s too late.
SIM swaps could also potentially be carried out in order to commit other acts such as ringing up a huge voice or data bill which the client would end up paying for – which would be especially disastrous if said customer was on a contract, where out of bundle rates apply. Generally SIM swaps are used to defraud people. One way or another that person ends up losing money.
They usually do this in order to intercept
notifications and OTPs, or one time passwords, that are sent to the
client when he or she wishes to carry out a transaction of sorts on
their online banking profile, change account security settings, etc.
This allows them to steal money from the client, and he or she may not
even notice before it’s too late.SIM swaps could also potentially be carried out in order to commit other acts such as ringing up a huge voice or data bill which the client would end up paying for – which would be especially disastrous if said customer was on a contract, where out of bundle rates apply. Generally SIM swaps are used to defraud people. One way or another that person ends up losing money.
How to avoid becoming a victim of a SIM swap scam
- Make sure to become familiar with existing scams by reading appropriate blogs, forums, or articles in the newspaper, so when you see that email or SMS arrive in your inbox, you know it’s bogus.
- Don’t ever reply to suspicious emails. Your bank would never ask you to enter any confidential information in to an email.
- Use your common sense. If you receive an email claiming to be from your bank, ask yourself if this is the same email address associated with your online banking account.
- Change your online banking passwords
frequently. I would suggest at least once every 3 months. And make sure
it’s a strong password too.Don’t answer calls or reply to SMSes from numbers you are not familiar with.
Real Incident in MUMBAI:
A businessman based in Mahim was duped of Rs 1.86 crore on December 27-28 through SIM swapping, the latest con technique used to cheat mobile phone users, Mumbai Mirror reported.
The victim, V Shah, received six missed calls on his phone at 2 am, one of which showed the dialling code of the United Kingdom (+44). When he tried to call these numbers back in the morning, he found his SIM was deactivated.
Upon enquiring, the mobile service provider informed Shah that his SIM card was blocked upon his own request. He smelt trouble as he had made no such request.
When he visited his bank branch, he learnt that Rs 1.86 crore was siphoned out of his company's account. The money was reportedly transferred to 14 accounts through 28 transactions across the country. Upon trying, the bank was able to retrieve Rs 20 lakh of the total sum, but the rest was gone.
The SIM replacement request was filed with the company at 11.15 pm on December 27 and the missed calls came at 2 am on December 28.
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