New Delhi: If you think that you are safe from all types of frauds, then we tell you about the SIM swap fraud where money is accessed to the OTP for fraudulent use of customers' phone numbers. A similar fraud was recently brought to light by HDFC Bank, which sent an email to its customers and warned them about it.
HDFC Bank stated “SIM swap is a job where your mobile number is issued by the mobile service provider without your knowledge a new SIM. It is used to get one-time password (OTP) and other information, which is necessary for conducting financial transactions. "
How easy is a SIM swap?
Actually the fraudster obtains the bank account details of the customer and the registered mobile numbers like phishing, vishing, smishing etc. through social engineering. He can then go to the retail outlet of the fraudulent mobile operator to replace the SIM as a victim. Then the original SIM gets blocked after showing a fake ID proof at the outlet. After verification, the operator disables the real customer (victim) SIM, and issues a new SIM card to the fake customer (fraudster).
Now, the fraudster can obtain OTP with the new SIM to conduct fraudulent transactions on the victim's accounts using banking details obtained through a phishing / vishing strategy.
To be safe, you can do this:
This post was published on August 27, 2020 9:59 pm
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