SIM Swap Fraud Prevention: Here’s How to Keep Your Bank Account Safe

Consumers need to beware of SIM swap prevention as a scam may be on the rise. Banks are sending emails to customers warning them about malicious agents claiming to be customer care executives reportedly calling people to inform them either about a problem with their current SIM or under the garb of the SIM needing an upgrade. The original SIM is then duplicated and used to gain access to the victims’ bank details.

How Does the SIM Swap Fraud Work?

Individuals claiming to be from the customer care department of a particular bank first call consumers and inform them about their SIM needing an upgrade. The person may then also SMS a 20-digit SIM card number which will be under their possession. Consumers are then asked to forward the number to the mobile service provider and will instruct them to reply ‘1’ to the confirmation SMS.

Once the consumer replies to the mobile service provider, their existing SIM gets deactivated, and the SIM with the fraudster gets activated, which they then use to access the duped customers’ bank account. Fraudulent transactions will then be carried out using one time passwords and unique registration numbers.

How to Ensure SIM Swap Fraud Prevention

Customers need to keep in mind the following best practices to ensure SIM swap fraud prevention:

• Personal and bank account details should never be revealed to anyone.
• Bank representatives will never ask for personal bank details.
• If there are problems with the SIM, reach out to the mobile service provider at designated customer care numbers.
• OTPs must never be shared with anyone.
• Transactions and bank statements must be regularly monitored.
• Customers must register for instant alerts with their bank through e-mail and phone numbers for any transactions that take place.
• Ignore communications to block your SIM, and even alert the bank about such calls.
• Cross-check with the bank if it is indeed their customer care executives that are calling.