Sim Swap Scam: Make you sure you don't fall for this fraud - how to prevent it

Sim Swap Scam: Make you sure you don't fall for this fraud - how to prevent it

FPJ Web DeskUpdated: Saturday, October 19, 2019, 02:25 PM IST
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Sim Swap scam has affected many people in the past. In today’s mobile-centric world, using mobile phones for Internet banking is standard practice for most people, but this can lead to Sim Swap fraud. SIM swap fraud, where scammers cancel and re-activate new SIM cards to hack into bank accounts, is reportedly on the rise.

What is a SIM swap scam?

A SIM swap scam is a type of account takeover fraud that generally targets a weakness in two-factor authentication and two-step verification in which the second factor or step is a text message (SMS) or call placed to a mobile telephone.

SIM swap is a type of phishing fraud that poses a serious threat to the customer and bank security. The fraudster obtains an individual’s banking details through phishing techniques or by purchasing these from organised crime networks. They then use this information, including personal details sourced via social media, to pose as the victim to the mobile network operator and fool them into cancelling and reactivating the victim's mobile number to a SIM in their possession. As a result, all calls and texts to the victim’s number are routed to the fraudster’s phone, including one-time passwords for banking transactions. After receiving a one-time pin or password from a bank, the fraudster can then potentially access the customer’s bank account and transfer funds.

How to prevent it?

There are a few dos and don’ts that can be followed to protect yourself from SIM swap frauds and to contain damage.

One, never disclose your confidential information such as internet banking user id, PIN, passwords and card CVV numbers. Be careful what personal details you share on social media; refrain from putting up your phone number on such platforms.

While you can't prevent this fraud if you have a cellphone, you may be able to limit the damage.

First, ask your phone company to put a personal identification number on your account. Hopefully, the carrier will require that to be produced before your phone can be assigned to a different SIM card.

Then, investigate whether you can switch to more secure authentication on your sensitive accounts. Being texted a code is better than nothing, since this "two factor" authentication is harder to beat than just using a password. Better options would be to get the codes through a call to a landline or by using an authenticator app such as Authy, Google Authenticator or Duo Security on your smartphone.

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