Tips to Identify SIM Swap Fraud
10 January, 2024
In today's digital age, seamless integration of technology has revolutionised the way we interact with people, thereby increasing our reliance on mobile phones. Besides being a portal to the digital realm, our smartphones grant instant access to information.
But with this unparalleled convenience, your mobile phone usage may bring a lurking risk of SIM swap fraud. As the deceptive tactics of SIM swap fraudsters have increased these days, your personal information, financial accounts, and sensitive data are at serious risk.
What is SIM swap fraud?
SIM swap fraud occurs when someone unlawfully replaces your mobile SIM card, often for deceitful purposes. The fraudsters take advantage of security features by exploiting the importance of mobile numbers, especially in banking services.
They obtain duplicate SIM cards under your registered mobile number by deceiving telecom operators or collaborating with their representatives This grants them access to your confidential bank communications, besides enabling them to carry out fraudulent activities. Once they get the new SIM, they can intercept sensitive details like one-time passwords (OTPs) and other transaction alerts. This allows them to carry out unauthorised financial transactions through your bank account.
How to identify SIM swap fraud?
You must identify potential SIM card scams and other fraud attempts before the scammer contacts your mobile operator. To safeguard against these attacks, the below indicators will be useful to remain vigilant:
Suspicious communication attempts: You should be careful while receiving emails or text messages that ask you for personal information or contain certain links. These could be phishing attempts by fraudsters trying to gather your data before executing a SIM swap scam.
Unrelenting calls and messages: Scammers will often send you several text messages or make constant calls to keep you distracted and unaware of the ongoing SIM swap attack. The purpose of such constant communication is to make you turn off your mobile phone.
Communication disruption: An initial sign of a successful SIM swap attack is the sudden inability to make calls or send messages. When your SIM card stops working, it may be a sign of an attack that makes your phone unusable for communication.
Suspicious activity notifications: Some victims may receive email notifications from their mobile operator confirming an unusual SIM card activation on a different device. Additionally, companies might alert you if they detect unusual activities on your account, providing an early warning of potential fraud.
Restricted account access: If you find yourself unexpectedly logged out of your accounts or applications, your phone number may have been linked to a different SIM card without your consent. To minimise harm, it is important to act quickly and stop the scam.
Staying vigilant against the above signs will empower you to detect and respond to SIM card scams before they escalate. They will also help you protect your personal information and digital identity.
How does a SIM swap scam operate?
- Gathering victim's information: Scammers use deceptive methods like phishing, vishing and smishing, among other means, to gather the victim's bank account details and the registered mobile number with the account.
- Impersonating the victim: Armed with the acquired information, the fraudster visits a retail outlet of the mobile operator. Posing as the victim, they present a forged ID to request the deactivation of the original SIM.
- SIM replacement: After verifying the information, the mobile operator deactivates the victim's genuine SIM card and issues a new one to the scammer.
- Exploiting the new SIM: After getting the new SIM card, the scammer gains access to OTPs and other security measures. They leverage this access to carry out unauthorised transactions on the victim's account. They obtain the details either through phishing or vishing tactics.
How to safeguard yourself from SIM swap fraud?
Here are some important measures you should take to stay alert and prevent the risk of SIM swap fraud:
- Stay alert regarding social engineering tactics (vishing, phishing, smishing) designed to steal your private information.
- If your mobile number becomes inactive or goes out of range unexpectedly, promptly reach out to your mobile operator.
- Take swift action by changing your bank account password as a precautionary measure.
- Enrol for both regular SMS and email alerts for your banking transactions. This way, even if your SIM card is deactivated, you will still receive alerts through your email.
- Regularly review your bank account statement to ensure that all listed transactions are legitimate and authorised by you.
- If you encounter any suspicious activity, get in touch with phone banking immediately to block your account and prevent further fraudulent actions.
Meet Vigil Aunty - your online safety partner
In today's digital era, safeguarding yourself from the growing menace of online scams has become more important than ever. Meet Vigil Aunty from HDFC Bank, your trusted influencer and digital protector, equipped with the latest knowledge on preventing fraud. With the notable increase in financial fraud cases, the purpose of Vigil Aunty is to spread awareness about these scams.
The clear and impactful mission of Vigil Aunty is to lead the charge for 'Freedom from Frauds,' ensuring everyone enjoys a secure and worry-free banking experience. Throughout this digital journey, Vigil Aunty aims to educate and empower individuals with anti-fraud techniques, assist those who have been targeted, and build a strong collective effort against fraudulent activities.
Learn more about fraud prevention techniques with HDFC Bank's Vigil Aunty.
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.