Mobile Phone SIM Swap or SIM Exchange fraud and how to protect your selves?
Mobile Phone SIM Swap or SIM Exchange fraud and how to protect your selves? By Prashant Mali I have clients who have lost Rs. 1,25 Crores to Rs. 30,000/- in SIM Exchange/Swap fraud and mind it no one was computer illiterate. As the name suggests, someone may buy a new SIM from the same network provider and start to operate all your banking transactions. The bank will not differentiate between you and the fraudster. Because the account is operating from the same number. Even mobile operator are also unable to track such frauds and sometimes abet the crime by faulty KYC Checking. Let us see each step one by one. 1) Fraudsters gather your information -The first step they do is to gather your personal information. Usually, they try to access your personal information by way of phishing, Vishing, Smishing or any through the Trojans / Malware. They try to gather your banking details. 2) Fraudsters visit mobile operator to block your SIM -They approach mobile operator wit