InvestorQ : What is SIM swap fraud and how can we prevent it?
Sneha Balasubramanian made post

What is SIM swap fraud and how can we prevent it?

ramya Bhaskaran answered.
2 years ago
SIM swap fraud is a very carefully planned cyber fraud, in which the attacker first blocks your sim card and gets himself a duplicate sim card issued which gives him access to all OTP/SMS required to make the transactions. This could also mean that they may put a request to your mobile company with forged documents online if you haven’t secured them and this is not impossible to do, I would say it is easy. Also, if you ignore any such incident and don’t take timely action, the chances of fraud getting successful are really high. People have lost thousands, lacs, and even crores to this fraud.

SIM swap fraud is also called SIM splitting, SIM jacking, SIM hijacking, or port-out scamming in different countries.

These are some safety tips that could prevent you from such a fraud:

1) Never share your 20 digit SIM card number at the back of your SIM, this is the most important step in SIM swapping.
2) If your network is lost for a very long time say more than 20-30 min, enquire about it from your telecom operator.
3) If you receive any texts stating that your SIM swap is successful, contact your bank immediately and report the matter. Also, change all your net banking and other passwords.
4) Do not share any OTP received on your mobile to anyone.
5) Register for alerts, so that you can receive updates of any activity in your bank account.
6) Keep checking your bank statements and online banking transaction history on a regular basis.
7) Don’t root your phone if you are not an expert in that field.
8) Keep strong passwords in your computers and phone, not simple passwords which are easy to guess.
9) Do not leave Xerox of your important documents here and there, be really careful about that.
10) Do not install unverified apps on your phone or laptop, a lot of these programs are designed to read data from your device.
11) Stay alert and inform cyber cell in case you feel any issue related to cybersecurity.