what it is SIM swapping and How to Avoid SIM –swapping Fraud ?

what it is SIM swapping and How to Avoid SIM –swapping Fraud ?

You do not even have a clue and someone starts operating the SIM in your mobile and has access to your bank account. This is a new way in online banking fraud, which is slowly increasing. This is called SIM swapping. With this fraud, fraudsters can blow your hard-earned money from your bank account in seconds. There is always a need to be alert about your mobile phone connection to avoid such fraud. There have been many cases in which people have lost their money due to SIM swapping.

Let's know what it is SIM swapping and how to avoid it.

What is SIM swapping, as the name is known, in this fraudsters turn off your mobile registered SIM card and get a new SIM out of the same number. With this, the fraudster gets to know all your confidential messages and passwords and then the fraudster takes away your money using that information.

This fraud occurs in two steps, the cyber security experts told that this fraud occurs in two steps.

First step

The fraudster collects your personal information and then swaps the SIM to get the OTP. Fraudsters receive your personal information by phishing (fake mail), fake phone calls, fake phone messages, malware, hacking electronic devices or websites, or from your social media account. It also contains the information that is associated with your bank.

Second step

Fraudsters take your personal information such as Aadhar card, date of birth or pan card by luring you with government schemes etc. They use these documents for SIM swap. So that they can activate the fake sim by canceling your real sim. Please tell that the mobile operator issues a new SIM from the same number in case you lose your phone, get a new phone or if the old SIM is damaged. When the fraudster creates a second SIM for your mobile number, all the information including your calls, messages and bank OTP starts coming to his phone. This information is enough to clear your bank account by fraudsters.

How to Avoid SIM –swapping Fraud ?

1. If there is no call or message on your phone for a long time, then your SIM may be swapped. Check it immediately and if this happens, block your ATM card.

2. If you are repeatedly getting fake calls and SMS, do not switch off your phone. If you switched of phone your easily swapped.

3. If an unknown person or organization asks for Aadhar card, pan card or date of birth through mail or any online form, do not give this information to them.

4. Always use bank's official website, portal and app for internet banking. You will get their information in the Welcome Kit given by the bank.

5. Use original software and antivirus in your phone and computer.

How to avoid SIM swapping?

 1. Use the PIN number in place of OTP in bank account and other online payment mediums.

2. Set up two-factor security with physical devices instead of SIM based verification.

3. Avoid using your public number with a bank account. You can link a number to a bank account that you have not made public.

4. Do not link your social media to your mobile.

6. Avoid saving confidential information on Google Drive or other online platforms.