Scam Alert - SIM Swap Fraud

What is a SIM Swap Scam

A SIM swap scam (also known as port-out scam, SIM splitting, Smishing and simjacking, SIM swapping) is a type of account takeover fraud that generally targets a weakness in two-factor authentication and two-step verification in which the second factor or step is a text message (SMS) or call placed to a mobile telephone.

How does it work?

1. The scammers obtain victim’s personal banking details and registered mobile number using social engineering tactics - vishing, phishing or smishing.
2. They approach the victim’s mobile operator with fake identity proof to obtain a duplicate SIM Card.
3. The scammers trick the customer (intended victim) into sending their unique 20-digit SIM number.
4. Mobile operator deactivates the genuine SIM Card and issues a new one to the attacker.
5. The mobile phone shuts down and victim notices the lost service on the phone.
6. The attacker/s gain access to victim’s bank account (with OTPs relaying to the new SIM) and initiate financial transaction using stolen banking information.

What can you do to save yourself?

1. Beware of callers claiming to be telecom/cellphone operators. They may be fake.
2. Do not share your 20-digit SIM number mentioned at the back with anyone.
3. Keep a regular check on your bank statement and report any or irregularities.
4. Contact your mobile operator if you do not receive calls or messages for a long time.
5. In case of a fraud, contact phone banking immediately to have your account blocked and avoid further fraud.