What is Swim Swap Scam – How to protect Yourself

Have you ever received missed calls and when you dialed back the number they didn’t answer? Well, if this happened then you are lucky. Because if the call was answered you could have lost the wealth of your entire life. Yes, this is true. In a recent cyber fraud, a person lost a hefty amount of Rs 75 Lakhs by just sharing his address and verifying his details like name. Scammers are now shifting more towards the technology part and cheating people. To know more about this, watch our YouTube video “Missed Call Fraud: What is SIM Swap Scam & How Fraudsters Can Empty Your Bank Account?”

What Is A SIM Swap Scam?

In this scam, fraudsters adopt your identity and get a new SIM from the service provider giving enough personal information. After they get the new SIM card for your number, the service provider blocks the existing SIM that you had. Hence you lose contact with your bank account and they receive OTP and other relevant information required for making transactions. Thus empty up your bank account without your knowledge. This scam is also referred to as “SIM Card Hijacking” or “SIM Jacking”.

How SIM Swap Scam Is Done?

In this scam, fraudsters take advantage of the loophole of getting a new SIM card. As service providers don’t require two-factor authentication and verification and these people get easy access to your phone number. Following this they get access to your bank account as well.

• Scammers first forge the identity documents.
• Then report the loss of SIM card to a police station.
• After this, they approach the telecom service provider and ask for a new SIM.
• Once the new SIM is issued, the previous one gets blocked automatically by the service provider.
• Now they have control of your phone number and can make transactions through the bank website using your username and password.
• The bank will send you OTP on the registered number which the scammers own now.
• Scammers use this OTP and make transactions from your account.

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How Scammers Get Your Information?

These people gather your personal information through social engineering and phishing. They can get your personal information through these means:

1. Asking For Information Through Email:

They might impersonate a service provider and direct you to a page asking for your personal information to keep your SIM active. The personal information will include:

• Name,
• Date of Birth,
• Password, etc.

2. Malware Attack:

In some cases, they can use malware to get your stored data from the phone or laptop including your passwords, user credentials, etc.

3. Dark Web:

Even you will be amazed to know that people on the dark web are selling your personal information without your consent or information about the same.

How to Protect Yourself from SIM Swap?

To save yourself from this scam you need to follow some simple steps mentioned below:

• If you find your SIM card locked or with the error “not valid,” contact your service provider and block your number. 
• Opt for the SIM lock facility by setting up a PIN for your SIM.
• Change your banking passwords regularly.
• Keep checking your bank account details. 
• In case of any fraudulent transaction, immediately inform the bank. 
• Be alert for any suspicious emails, messages, or calls.
• Use two-factor authentication for online services.

Stay alert and save yourself from the technology-driven scams flourishing every day.