Have bank account? SIM-Swap fraud rampant; Don’t make this mistake, save your money
With the increased adoption of technology by the financial sector, there have been many benefits that have been rolled out for bank account holders. However, unfortunately, fraudsters too have got advanced tools to get control of your account. Cybercrime tricks like Skimming, Phishing, Vishing and SIM-swap have become rampant now. People are getting tricked by the scamsters and are losing their money. However, you can avoid becoming a victim to SIM-swap by not making mistakes and by showing a little alertness:
What is SIM-Swap?
Under SIM Swap scam, fraudsters get a new duplicate SIM card issued against your, yes, your, registered mobile number! With the help of this new SIM card, they get One Time Password (OTP) and alerts, required for making financial transactions through your bank account.
How do fraudsters operate?
* Fraudsters gather customer’s personal information through Phishing, Vishing, Skimming or some such means.
* They then approach the mobile operator and get the SIM blocked. After this, they visit the mobile operator’s retail outlet with the fake ID proof, posing as the customer.
* The mobile operator deactivates the genuine SIM card and issues a new one to the fraudster.
* Fraudster then generates One Time Password (OTP) required to facilitate transactions, using the stolen banking information. This OTP is received on the new SIM held by the fraudster.
How to protect yourself from fraud?
* If your mobile no. has stopped working, enquire with your mobile operator to make sure you haven’t fallen victim to the scam.
* Register for SMS and Email Alerts to stay informed about the activities in your bank account.
* Regularly check your bank statements and transaction history for any irregularities.
To stay away from any such fraud, you must keep a track of all the transactions of your bank accounts and credit cards. If you find any suspicious transaction, check with your bank. If necessary, get your card blocked and restrictions blocked on your bank account. You can also file an FIR with the police, if required.