Advocate (Dr.) Prashant Mali's Blog

SIM Swap or SIM Exchange Fraud Solution which India should Adapt By Prashant Mali Being a long-time crusader of SIM swap fraud victims in India and winning many cases in favour of victims, I thought of penning this advice.  Sim Exchange fraud or Sim Hijacking fraud (also known as Port-Out scam or SIM splitting) is a type of account takeover fraud that generally targets a weakness in two-factor authentication & two-step verification, where the second factor or step is an SMS or a call placed to a mobile telephone. In 2018, over 80% of adults were expected to have a bank account, over 1.18 billion people own a mobile phone in India How SIM Swap Fraud works? Fraudsters obtain banking account details and your registered mobile number through phishing or through Trojans/Malware or through a leaked database. Under the pretext of losing the mobile handset, new handset or damaged SIM card, fraudster approaches mobile service provider using a forged author...

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 mobil...