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SIM swap fraud (also known as Port-Out scam or SIM splitting) is a type of account takeover fraud that generally targets a weakness in two-factor authentication & two-step verification, where the second factor or step is an SMS or a call placed to a mobile telephone.
SIM swap fraud is a relatively new, sophisticated form of cyber fraud that allows hackers to gain access to bank accounts, credit card numbers, and other personal data. The SIM swap cases were reported in the US and Europe in 2013 and now it’s in trend in India. People have lost more than Rs 200 crores in these SIM swap scams.
Fraudsters obtain banking account details and your registered mobile number through phishing or through Trojans/Malware
Under the pretext of losing the mobile handset, new handset or damaged SIM card, fraudster approaches mobile service provider by creating a fake identity of genuine customer
Post customer verification, mobile service provider will deactivate old SIM card which is in customer’s possession and issue a new SIM card to the fraudster. There will be no network on customer’s handset. Now, customer will not receive any SMS, information such as alerts, OTP, URN etc. on the phone
With the banking details stolen through phishing or Trojan/Malware fraudster will access and operate your account and initiate financial transactions which you will not be aware of and all the SMS for alerts, payment confirmation etc. will go to the fraudster
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