SIM SWAP FRAUD
Rudra is a businessman who established a big private company residing in Pune City. In present his business is good and he has been profiting by it. He has more than two bank accounts of companies in reputed banks and operates by himself by Internet banking or mobile banking. Bank accounts linked with his registered mobile number.
“ SIM Swap fraud ” operates by scammers for dupe money.
One day, he was busy with his work and three miscalled through an unknown number on his mobile. When Rudra tried to call that number but would not connect. After some minutes, he knew someone had transferred 2.5 crore rupees from his business account. After he contacts the bank about that transaction. Given a complaint to the bank and cyber police. After investigation, it was a clear indication of SIM Swap scam.
What is a SIM Swap scam ?
SIM swap refers to the process of changing mobile SIM cards affixed with registered phone numbers.
A SIM swap scam involves tactics like SIM splitting and SIM jacking.
When this occurs without the user’s consent, it is typically for fraudulent purposes.
How does a SIM Swap scam work ?
Step -1
Fraudsters carry out this scam by obtaining a new SIM card from the telecom service provider linked to the victim’s phone number ( by using malpractice techniques)
Step -2
Scammers may use various methods to achieve this, including gathering information, containing banking creditials from the victim’s social media profiles (known as open-source intelligence or OSINT), phishing, or impersonating a telecom customer service representative.
Step -3
By posing as the user (victim), they can easily obtain a new SIM card and deactivate the old one. Consequently, one-time passwords (OTPs) will no longer be sent to the original SIM, preventing the user from receiving alerts for any financial transactions related to their linked bank account.
Step -4
Instead, fraudsters receive OTPs and other notifications on the new SIM, allowing them to commit financial fraud against the victim’s accounts.
Step -5
Scammers transfer funds from the victim's accounts to several bank accounts and e-wallets.
How to avoid becoming a victim of SIM Swap scam?
Follow the under mentioned tips:
👉Observation and inspect a URL/ Website related to your task before internet banking. It may be fake or looks original. you can be duped.
👉Don't share anyone financial and personal info
👉 use a strong password and change it periodically.
👉 If there is any problem in the mobile network while using mobile operate, call the mobile service provider. During this period the scammer can change the victim's SIM and Can be used to defraud victims.
👉 Contact Bank All financial transactions notifications/alerts to intimate the user via SMS as well as email. - If a victim's SIM Swap by a scammer and operates a financial transaction by cyberspace, As a result, alerts/notifications will be received on email.
💥 For Police Report:
Use www.cybercrime.gov.in
Use cyber helpline Number -1930 ( Most effective means against scams).
Aisa bhi ho raha hai........to learn form this news👇
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