8 Security Tips to Avoid Falling Prey to SIM Swap Frauds

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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.

SIM swap frauds

What is SIM Swap fraud?
SIM swap fraud is a malpractice where the perpetrators falsely acquire a SIM card in your name, issued with your mobile number. The primary aim behind this fraud is to have access to security alerts such as One Time Passwords (OTP) which you receive on your registered phone number to proceed with almost all kinds of financial transactions online.

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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Rajiv Singha

Rajiv Singha

Follow @Singha_Ra

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sachin kamble
sachin kamble
5 years ago

Good

ashok
ashok
5 years ago

pl.keep educating the gullible victims on the Net Banking Fraud.
keep it up

ANSUMAY DATTA
ANSUMAY DATTA
5 years ago

Very important advice.

Vijay
Vijay
5 years ago

Very useful suggession

jagadeesh
jagadeesh
5 years ago

Excellent

shyam sood
shyam sood
5 years ago

for security purpose

vikrant Nalawade
vikrant Nalawade
5 years ago

Thank you very much….very important

Rajesh sharma
Rajesh sharma
5 years ago

sabse best

Arindam Neogi
Arindam Neogi
5 years ago

Useful advice

Arghyadeep Ghosh
Arghyadeep Ghosh
5 years ago

Thanks , a very important advice

Sanjoy kumar Dubey
Sanjoy kumar Dubey
5 years ago

Thanks,very important advice

Bijay
Bijay
5 years ago

Important information

naidu
naidu
5 years ago

very very important good advince

r.srinivas
r.srinivas
5 years ago

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…..

Alok Kumar Mukherjee
Alok Kumar Mukherjee
5 years ago

Thanks for the tips

James
James
5 years ago

GOD BLESS U

P Satish Patro
P Satish Patro
5 years ago

Glad to know this

Gulam nabi
Gulam nabi
5 years ago

Thanks for useful information.

jiwan dhungana
jiwan dhungana
5 years ago

Its good informations.

SURESH
SURESH
5 years ago

good and be helpful to all

DR. RAJAN GARG
DR. RAJAN GARG
5 years ago

EXCELLENT.

KNOWLEDGE IS POWER

PB Kakathkar
PB Kakathkar
5 years ago

Important information. Thank you Quickheal.

Ashish Rane
Ashish Rane
5 years ago

Very helpful. Thanks.

Vikas L Acharya
Vikas L Acharya
5 years ago

Very useful.

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.

PABITRA
PABITRA
5 years ago

VERY USEFUL ADVICE

deepak rajput
deepak rajput
5 years ago

its very good information for all internet user. thaks frnds

TUSHAR THAKKER
TUSHAR THAKKER
5 years ago

GOOD . KEEP UPDATING . THIS WILL HELP

pradeep
pradeep
5 years ago

Good security tips to avoid fraud.

Banki Ravi
Banki Ravi
5 years ago

Useful information..

LAKSHMI KANTA MISHRA
LAKSHMI KANTA MISHRA
5 years ago

Thanks for this useful information.

Awi Nautiyal
Awi Nautiyal
5 years ago

Good Information..

Ashwani koul
Ashwani koul
5 years ago

Very useful information

Moni Ansary
Moni Ansary
5 years ago

we’ll discuss to them who have not care about this.

SRK Reddy
SRK Reddy
5 years ago

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.

Deepak Kohare
Deepak Kohare
5 years ago

Very important information, Thanks !…

puneet
puneet
5 years ago

thanks for updating such important information. ALL THE BEST.

Royal Akpomedaye
Royal Akpomedaye
5 years ago

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.

Jyotirmoy
Jyotirmoy
5 years ago

Thanks.Keep on upgrading our knowledge regarding e-fraud.

kadim
kadim
5 years ago

very useful and good performance

kushal
kushal
5 years ago

Very Good

Anil Ramteke
Anil Ramteke
5 years ago

very very useful and valuable info.
Thanks

MD. Rizwan
MD. Rizwan
5 years ago

Very Good

NISHIT SATANI
NISHIT SATANI
5 years ago

VERY IMPORTANT INFORMATION, THANKS

Jaikrishna Phad
Jaikrishna Phad
5 years ago

The best information……thanks for guidance.

JACOB THOMAS
JACOB THOMAS
5 years ago

Prevention is better than cure. Outstanding job done by educating people. Marvelous. Keep on educating.

shrinivas dhule
shrinivas dhule
5 years ago

Thanks for this useful information.

Sridhar
Sridhar
5 years ago

Very Good. keep updating such information regularly.

kalyan
kalyan
5 years ago

pls educate about net banking fraud

A Bose
A Bose
5 years ago

Very useful information.

pradyumna
pradyumna
5 years ago

very usefull to mindkind

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