SIM swap fraud, a new technique applied by hackers for gaining access to your bank account with which they can hack your credit card numbers, PIN numbers and your personal data. Once you trapped, it is impossible to spot and solve the resulting damage in your banking data. Thank God…!! if you have not experienced it so far.. (featured Image courtesy to Spinfold)
(Image courtesy to blogs.aspect)
Don’t worry.. But beware of it. A basic knowledge in tackling SIM swap fraud can help you get rid of it and foresee a progressing attack against your bank account and personal data.
SIM swap fraud or SIM swap scam is a type of users’ identity theft, stored in a cell phone SIM card. As we know, SIM cards normally store users’ data in GSM (Global System for Mobile phones), mainly used to authenticate cell phone subscriptions, without which GSM may fail to tap into any mobile network.
Now a days, this attack becomes common as most of the banking customers get their mobile numbers linked with their bank accounts for net banking, online shopping etc.. where OTP ( One Time Password) sent to mobile phone is a must.
Once you trapped, the SIM swap fraudsters can easily read the SMS and collect all your personal data by which, from the very first time things are in their control, they can request and receive OTPs and access to your bank account.
(Image courtesy to ToughNickel)
This is definitely a social engineering where profitable victims are generally targeted. To avoid SIM swap fraud, the following safety measures are recommended :-
- Try to avoid using SMS as a primary method of communication as the data is not encrypted.
- Switch to messaging apps like Whats App, iMessage etc.. for private messages.
- To reduce the impact of risk, inform your bank or phone company at once you have any suspicions.