Fraudsters obtain a target’s personal banking details and registered mobile number through various social engineering tactics like phishing.
They approach the target’s mobile operator with a fake identity to obtain a duplicate SIM card.
The mobile operator deactivates the target’s genuine SIM card and issues a new one unknowingly to the fraudster.
The fraudster can now receive incoming SMS and calls, meant for genuine customers, including pass codes, OTPs (One Time Passwords), and other critical information, and commit fraudulent transactions using the customer’s credentials.
How to protect yourself against SIM Swap scams?
If your SIM card has stopped working unexpectedly, contact your mobile telecom service provider immediately.
If your service provider confirms that your SIM card has been replaced, register a complaint, and check your bank accounts immediately.