Protect yourself from SIM Swap fraud or it may cost your Bank balance
Before I introduce SIM swap fraud, let me tell you what terrifying things can happen to you if you become victim of it. The first thing that will happen is your device will stop receiving network and as result calls and other services. Next, the hackers will have access to your bank accounts, credit cards details, and personal information or simply say anything linked to your number will then belong to hackers. Sounds terrifying, let’s now learn what actually SIM swap fraud is.
What is SIM Swap?
SIM swap fraud is not a new fraud but is into existence for quite a time now. SIM swap is the process of blocking the victim’s SIM and reactivating the victim’s number to a SIM in their possession. If you have ever lost your phone or SIM then you must be knowing how to get new SIM using your personal details an ID which you had given at the time of buying the SIM. The SIM swap process is almost same.
Now the question arises how can someone else impersonate you and execute such big crimes? The answer is simple; first they (hacker/scammer) gather as much information as possible about you. They scan you’re your social media accounts get your basic details like full name, date of birth, your address and any possible detail that might help in the fraud. They even can call you pretending to be from your bank or your network provider to extract some details. Phishing is also used to get sensitive information; phishing is done by making a replica of a legitimate website like your bank, or social media website. And you without noticing anything feed your details.
Once the necessary information has been gathered about the victim, the hacker calls your network service provider pretending to be genuine user and asks to block the victim’s SIM and reactivate the number on the SIM they already have. Now in this process they use your personal details and information to pass the security checks by the service provider.
Now they have your number and all the OTPs and details can be accessed by the SIM and do any amount of transactions they want. Some banks even have facility to update your mobile online and this is a true disaster. Lots of damages can be done on you and on behalf of you.
How to protect yourself from SIM swap fraud?
The very first thing you must ensure is never ever disclose your personal or sensitive details over phone because no bank will ever call you to get your details as they already have your details. Don’t feed in your details on any form or site you receive in your email. Don’t put everything on social media or make your details public to all on any platform.
The major targets of this type of scams are senior citizens because they are not aware of the technical things. You must educate and aware your family members about all types of scams. Not only senior citizens but anyone call fall in the trap if they don’t have knowledge or aware of these scams.
If by any chance you stop receiving calls/messages or not able to make calls or out of sudden you lose network signals then first check if other people have signals of same network provider. If you have slightest of doubt about it contact your bank and block your account temporarily and related services.
A man from India became victim of SIM swap and lost 1.86 crore money in no time. Similarly many people have lost money in small and hefty amounts because of this SIM swap fraud. So, it’s better you protect yourself, friends and family by informing them properly.
Do share this information with your friends and family members to educate and spread awareness about it. That’s all about “SIM swap fraud“.