SIM Swap Fraud: Here's How You Can Avoid This Online Banking Scam
SIM Swap Fraud (Photo Credits: Twitter)

We previously reported that a Pune-based man was duped of Rs 94,000 by SIM swap scam. The victim lost his hard earned money to the fraudster by falling into the trap of online banking scam. Everyday evolving technology has not only helped us with our daily lives but it has also brought some major concerns with it. And, online banking fraud is one of them. Also, several instances of SIM Swap already have been registered by the cyber cells of Police departments in Kolkata, Bengaluru and Delhi. Not only digitally-illiterate people fall prey to this fraud, but also tech savvy youth have become victim to this scam. Today, we'll put some light on this online fraud and tell you how you can prevent it. SIM Swap Scam: Pune-based Man Duped of Rs 94,000 by SIM Card Swap Fraud.

Unknown person calling you & claiming to be from telecom provider: It all starts with a call from an unknown person who claims to be an employee of the service provider. He / She will claim to be an executive from Jio, Idea, Vodafone, Airtel or any other telecom operator. The fraudster will tell you that this a routine call for improving your call drop problem or signal problem on your phone.

Never Share Any of Your information on Phone: Firstly, it is very important to understand that you shouldn't be sharing any of your details to any unknown person over the phone. You can be duped just by sharing your vital information on the phone. Sharing information about your SIM will let the fraudster to register a new SIM with your phone. They might also ask for your Aadhaar number to verify your identity. It is advised that never share Aadhaar number over phone.

Don’t give your 20-digit SIM number: During the entire conversation, the fraudster will look to get your unique 20-digit SIM number that is printed on the back of the SIM. The unknown caller will ask to share your 20-digit SIM card number for improving the call drop issue or any other related issues.

You will be requested to press 1 or authenticate this Swap: Post convincing you to send 20-digit SIM number, the fraudster will tell you to press 1 or simply authenticate the SIM swap. After receiving SIM number, the scamster will officially initiate the swap with your telecom operator.

Your mobile will stop receiving signal: Once the swap is carried out successfully, your SIM card will stop receiving any signals on the phone. Now, the scamster's new SIM card will receive the signals with your mobile number registered on it.

You can lose money if your SIM is hijacked: This is entirely a two-step process wherein the SIM Swap is the second part. In most of the cases, the fraudster does has information regarding banking ID and password. All they need is an OTP, which becomes easy after SIM swap. After getting all the details, they easily carry out financial transactions.

Senior citizens are prime targets: As senior citizens are less digitally active, they have become an easy target for the scamsters. It is very essential to advise them on regular basis and make them aware of such online scams or banking frauds.

Keeping a regular check at Bank Balance: It is advised that you should keep a regular tab on your bank balance. Moreover, you should also change online banking password at regular intervals, which makes difficult for the scamster to crack. If you notice any suspicious activity on your bank account, it is advised that you should immediately contact your bank and ask them to stop the transaction.