With online banking gradually becoming a preferred choice of financial transaction for most, fraudsters have renewed their malicious efforts to target their victims. A relatively new type of fraud has come to light. It is known as SIM swap fraud. And we’re here to tell you how you can avoid it by following some simple security measures.
How Do SIM Swap frauds Work?
SIM swap is a second phase of an entire scam planned by an attacker. The first phase consists of gathering personal information about the targeted victim. In most cases, the attacker accomplishes this, with the help of a phishing attack.
The phishing attack is to gather personal and banking information about the victim. This may include name, address, date of birth, phone number, driving license number, net banking ID and password, ATM PIN, CVV number, etc. This attack may be launched in the following ways:
Phishing email – attacker sends a fake email to the victim containing a form or a link to a spoofed website to capture personal information.
Vishing (voice phishing) – attacker calls the victim, posing as a bank executive or an official of a reputed company.
SMiShing (SMS phishing) – attacker sends fake SMSs to the victim containing links to a fake website or a malware that can steal user information.
Once the attacker has the all required user data, they approach the victim’s mobile service provider with forged identity documents. They get a new SIM card by reporting a loss of mobile device or a damaged SIM card. This way, the phone number of the genuine customer gets deactivated. Using the stolen banking information, the attacker can then easily conduct illegal financial transactions, now that they have access to the OTP.
8 Security Tips to Avoid Falling Prey to SIM-Swap Frauds
1. The most important measure is to ensure that your phone’s connection is working normally. If your SIM gets deactivated without any known reason, then report it to your mobile operator immediately.
2. Never give away personal or financial information over emails, phones, SMSs, online chat platforms like WhatsApp, or any media for that matter.
3. Switching off your phone for a long period of time for reasons such as unwanted calls or SMSs could be dangerous. These calls could be a ploy of the attacker to trick you into turning off your phone, so that you remain unaware of any connectivity issues.
4. If your bank offers SMS and email alerts for all your banking activities, then opt for both the options.
5. Check your bank statements regularly to ensure that there are no irregularities.
6. Most websites ask for your phone number among other information to let you use their services. In such scenarios, avoid giving away your real name, actual date of birth, and your phone number which is registered with your bank.
7. Avoid making your phone number public on social media sites.
8. As phishing is used as the main weapon in this type of scams, consider having anti-phishing and anti-malware protection on your PC and smartphone.
It can be safely assumed that incidents of SIM swap frauds will increase with time and could become more advanced. Your safety depends on how vigilant and updated you are about the growing threats in the world of Internet.
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pl.keep educating the gullible victims on the Net Banking Fraud.
keep it up
Very important advice.
Very useful suggession
for security purpose
Thank you very much….very important
Thanks , a very important advice
Thanks,very important advice
very very important good advince
From first call itself donot entertain the caller scold him/her.
They give you a pack of offer and while talking they will ask about your bank detail and sim detail and they do next hacking your bank account. Be aware……be aware…..
Thanks for the tips
GOD BLESS U
Glad to know this
Thanks for useful information.
Its good informations.
good and be helpful to all
KNOWLEDGE IS POWER
Important information. Thank you Quickheal.
Very helpful. Thanks.
We should be aware when you provide documents for KYC to anyone. Always keep record to whom, when and which KYC documents you provide to anyone. Now a days to avail any service or for verification KYC documents are taken.
India is still far away from good privacy system. It’s our duty to be alert and aware.
VERY USEFUL ADVICE
its very good information for all internet user. thaks frnds
GOOD . KEEP UPDATING . THIS WILL HELP
Good security tips to avoid fraud.
Thanks for this useful information.
Very useful information
we’ll discuss to them who have not care about this.
All telephone providers should facilitate to easily access to the assistant in customer’s selected language through their 24 x 7 help line service to reduce this fraud.
Very important information, Thanks !…
thanks for updating such important information. ALL THE BEST.
So so timely indeed! Thanks so much!
As Head of IT to the organization where I work, I will try to adhere to these security advice.
Thanks.Keep on upgrading our knowledge regarding e-fraud.
very useful and good performance
very very useful and valuable info.
VERY IMPORTANT INFORMATION, THANKS
The best information……thanks for guidance.
Prevention is better than cure. Outstanding job done by educating people. Marvelous. Keep on educating.
Thanks for this useful information.
Very Good. keep updating such information regularly.
pls educate about net banking fraud
Here’s an insightful article by TOI on Net Banking frauds.
Very useful information.
very usefull to mindkind
It is very useful. Thanks for alerting all the mobile phone users with linked mobile numbers for the financial transactions etc. with the banks.
Good Tips for Avoid Sim Swap through the Hackers.
Thank you very much for the above information.
Very, very helpful.
very useful information
THANKS FOR THIS USEFUL TIPS.
Best of Information i have got today online kudos QuickHeal
Thanks for this useful information
Rhis information is very very helpful
very important and good information.
Very interesting and much useful information. Always send such information for the benefit of people who use internet facility for banking etc.
Thanking you a lot. I would like to take a print out of this information form knowledge purpose.
Sure, please do take a print out. You can subscribe to our blog to received just alerts directly to your inbox. Click here to subscribe.
Very very nice
Thank U very much.
very very useful information
very very important
very good information
very important and information
Thank you for the advise
GOOD. SHOULD SAY A SOCIAL COMMITMENT INITIATIVE FROM A QUALITY INDIAN SOFTWARE GROUP.
very gooood tips…….(*_*)
Thanks for Very useful advice. God bless you.Thanks Quick Hill and wish u a very happy and very secure Ganesh Utsav.
Good job .. keep it up…
USELESS ARTICLE .. PEOPLE ARE MORE ADVANCE THAN THIS. THEY INSTALL SPYWARE INTO YOUR MOBILE / COMPUTER BY HACKING. THEY CLONE THE SIM CARD .. YOU QUICK HEAL WORK WITH TELECOM DEPT FOR SIM CARD CLONING FRAUDS. THEN YOU WILL COME TO KNOW HOW FRAUD PEOPLES HAVE ADVANCE KNOWLEDGE THAN YOU
very good, thank you
Very good tips which everyone should know
Hey thnx fr information