Beware of SIM-Swap Scams: How Cybercriminals Can Empty Bank Accounts Without Your Personal Data

Srishti Dey
Srishti Dey January 14, 2024
Updated 2024/01/14 at 3:56 PM

A 35-year-old attorney from North Delhi was the victim of a sophisticated cybercrime known as a SIM-swap scam, which resulted in the stunning loss of a significant amount of money from her bank account. She never disclosed sensitive information, such as her bank account number or OTP, which is concerning and illustrates the ways in which fraudsters become more creative. This article explores the specifics of the SIM-swap scam and provides advice on how to avoid falling victim to fraud of this kind.

The Intriguing Case:

The advocate prudently declined to take three missed calls from an unidentified number. But her choice to phone again from a different number served as a gateway for attackers. The individual on the other end persuaded her to provide her home address for a purported delivery by assuming the identity of a courier service representative. She had no idea that everything in her life was going to change drastically.

The Deceitful Courier:

The lawyer was shocked to see that her bank account had been debited significantly two days after receiving the courier. The precise sum is yet unknown, although it’s said to be in thousands of rupees. Although the cyberpolice have started an inquiry, no one has been taken into custody as of yet.


Exposing the SIM-Swap Swindle:

This event seems to be a textbook example of SIM-swap fraud, which is a type of cybercrime that is becoming more and more common. Fraudsters connect the victim’s number to a SIM card that they control by taking advantage of flaws in mobile network providers. This is how it usually goes down:

 Getting Personal Information: Identity thieves frequently get personal information from a variety of sources. By publishing private information online, victims unintentionally participate.

 Identity Theft: Using personal information, con artists pose as the victim at a retail location of the mobile provider and fabricate a story about a SIM card and phone theft. They can now get a second SIM card as a result.

Large-scale SIM swap fraud | Securelist

 Manipulating the Network: Next, the con artists strive to influence the network operator so that the SIM card they are using, and the victim’s number are connected. They may now intercept any messages and calls intended for the victim thanks to this, including private information like bank account details.

Keeping Safe: It’s critical to safeguard oneself from frauds such as SIM-swap schemes. Here are a few precautions to take:

Protect Personal Information: Avoid sharing personal information about yourself online, like your address, PAN, or Aadhaar card.

Verify Identities: Before disclosing any critical information, be sure someone is who they say they are.

Report Suspicious Activity: Notify your telecom operator right away if your SIM card unexpectedly stops working.

OTP Warning: Keep in mind that OTPs can be used in SIM-swap frauds, so never give them out to anybody posing as an official or financial representative.

The SIM-swap fraud serves as a clear reminder of how hackers are always changing their strategies in an effort to deceive innocent people. You may greatly lower your chance of being a victim of such fraudulent activity by being on the lookout and taking these steps.

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