SIM Swap Fraud, How to prevent from SIM card swap scam?

In recent incidents in North Delhi, a private school teacher in February, and a South Delhi businessman last year, individuals fell victim to the ‘SIM swap scam.’ This type of fraud typically begins with victims receiving missed calls from unknown numbers, leading to financial losses from their bank accounts. The Delhi Police has observed that most victims experience such missed calls before losing their money to fraudsters. Here is an overview of SIM swap Fraud, why victims receive missed calls, and how to protect oneself from this type of SIM Swap fraud.

SIM Swap Fraud

In recent years, the SIM swap scam has become a prominent concern for individuals’ financial well-being. This deceptive scheme takes advantage of the connection between physical SIM cards and banking applications, enabling fraudsters to illicitly access victims’ bank accounts and personal data.

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What is SIM Swapping Scam?

As technology has advanced, mobile banking, payment apps, and seamless transactions on smartphones have become commonplace. Cybercriminals exploit the connection between physical SIM cards and banking applications, which are linked to phone numbers for generating OTPs and receiving critical bank-related messages. In the SIM swap scam:

Phishing and Vishing

Fraudsters initially obtain personal details, such as phone numbers, bank account information, and addresses, through phishing or vishing. Phishing involves sending malware links to victims via email or messages, which, when opened, steal the victim’s personal information.

Duplicate SIM Acquisition

After obtaining personal details, fraudsters visit a mobile operator’s retail outlet, impersonating the victim with a forged ID. They report a fake theft of the victim’s SIM card or mobile phone, leading to the issuance of a duplicate SIM. Notably, fraudsters can obtain a duplicate SIM even if the original one is functional because they report the theft of the original SIM. All activation messages and details are directed to the fraudster, not the victim.

Gaining Control

Fraudsters often have an associate working with the telecom company to easily duplicate the SIM using the victim’s personal details obtained through the malware or phishing attack. Once they have the duplicate SIM, they can receive any banking authorization messages or OTPs.

SIM Swap Scam Overview

Why do victims receive multiple missed calls?        

Fraudsters employ multiple missed calls as a strategic element of the SIM swap scam. Unlike scams that involve direct communication for extracting OTPs, this scam operates discreetly. The accused collaborated with insiders at telecom companies to swap SIM cards, necessitating a waiting period. By making repeated calls to the victim’s mobile, they gauge call routing, inducing frustration. The victim, irritated by the calls, leaves the phone unattended.

Upon successful SIM swapping, fraudsters gain full control, directing all calls and messages through their SIM. This enables them to execute transactions undetected, exploiting the victim’s distraction. Delays in noticing unauthorized activity, such as ignoring email alerts, contribute to the scam’s success.

SIM Card Swap Scam India

The SIM card swap scam is a rising threat in India where fraudsters gain unauthorized access to victims’ bank accounts and personal data. They begin by acquiring personal information through phishing attacks, impersonating victims to get a duplicate SIM card, and subsequently controlling the victim’s accounts. Victims often receive multiple missed calls as part of the scam. To prevent falling victim, individuals should enable SIM card protection, be cautious about sharing personal information, stay informed about scams, monitor accounts regularly, enable two-factor authentication, and verify caller identities.

How to prevent a SIM card swap scam?

To prevent falling victim to a SIM card swap scam, you can take the following precautions:

• Enable PIN or Password Protection: Set up a PIN or password for your SIM card. This extra layer of security can prevent unauthorized SIM card swaps.
• Be Cautious with Personal Information: Avoid sharing sensitive personal information, especially your phone number and details related to your banking or mobile accounts, with unknown or unverified sources.
• Beware of Phishing Attempts: Be vigilant about phishing attempts through emails, text messages, or calls. Do not click on suspicious links or provide personal information to unverified sources.
• Use Strong, Unique Passwords: Utilize strong and unique passwords for your online accounts, including your email and banking accounts. Avoid using easily guessable passwords.
• Enable Two-Factor Authentication (2FA): Whenever possible, enable 2FA on your online accounts, as this provides an additional layer of security by requiring a second verification step, such as a text message or authentication app.
• Regularly Monitor Your Accounts: Frequently review your bank and mobile accounts for any unusual or unauthorized activity. If you notice anything suspicious, report it to the respective authorities or service providers immediately.
• Secure Your Email Account: Since email accounts are often used for account recovery and communication with service providers, it’s essential to secure your email with a strong password and 2FA.
• Contact Your Mobile Operator: If you receive multiple missed calls or suspect any suspicious activity, contact your mobile operator promptly to verify and report the situation.
• Stay Informed: Keep yourself informed about the latest scams and fraud tactics to recognize potential threats and protect yourself effectively.
• Verify Caller Identities: When receiving calls from anyone claiming to be a representative of a bank or mobile operator, verify their identity independently before providing any personal information.

SIM Card Swap Scam UPSC

The SIM swap scam is a growing concern, with victims in North Delhi falling prey to fraudsters who employ a series of tactics to gain unauthorized access to bank accounts and personal data. This scheme leverages the connection between physical SIM cards and mobile banking applications. Fraudsters start by acquiring victims’ personal information through phishing and vishing techniques, often involving malware-laden links. Subsequently, they obtain a duplicate SIM card by falsely reporting theft to a mobile operator, diverting all activation messages to themselves.

Multiple missed calls play a crucial role in this scam, as fraudsters exploit the delay in SIM activation to gain control over the victim’s SIM. Preventive measures include enabling PIN or password protection, being cautious with personal information, and staying informed about the latest scams.

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