Nowadays mobile banking has become more common than net banking because mobile banking is very easy, and through this people can log in to their bank account anytime. One can check all his transactions in one go. You can log in to your banking app with a single click. But cyber criminals are taking advantage of this. In the recent past, a big fraud related to mobile banking has come to the fore, which has been named as SIM swapping fraud.
What is SIM Swap Fraud?
SIM swap fraud is to replace the SIM card or get another SIM from the same number. In SIM swapping, a new SIM is registered with your mobile number. After this your SIM card gets turned off and the network disappears from your mobile. In such a situation, the thug gets the SIM activated from your mobile number and taking advantage of this, he asks for OTP on your number and then takes away the money from your account.
How do fraudsters target you?
Cyber criminals get your registered mobile number and bank account details through phishing or malware. After this, they contact the mobile service provider with the correct customer identity on the pretext of losing the mobile, SIM card getting damaged. After customer verification, the mobile service provider deactivates the old SIM card held by the customers and issues a new SIM card to the offender. The network will not be available on the customers’ phones. Now the customer will not get any SMS, information like alerts, OTP, URN etc on his phone.
Be alert and be aware of the network connectivity status of your mobile phone. If you find that you are not getting any call or SMS notifications for a long time, then something might be wrong. In such a situation, you should inquire with the mobile operator to ensure that you are not a victim of fraud. For this you have to contact your mobile operator immediately. In case of continuous unknown calls on your phone, do not switch off your phone, just do not answer them. This could be a trick to keep your phone off or on silent so that you don’t know that your phone connectivity has been compromised. Always check your bank statements and online banking transaction history regularly to help you spot any errors.