SIM Swap Fraud: What is SIM Swap Fraud? How to Avoid Getting Scammed

06 Nov, 2023 Author: Ayushee Joshi

SIM Swap Fraud: People are rapidly moving digital, which opens the door to new frauds and online crime. New frauds are sprouting at the same rate as the world is transitioning from offline to online systems. Every day, hackers prey on consumers, and the majority of online frauds involve banking and SIM swaps. SIM Swaps are the new trick that is being used by scammers to defraud people and squeeze out lump sum of money from the bank account of the victim. Let us know what actually happens when your SIM is swapped, and how to protect yourself from getting scammed.

How to Avoid SIM Swap Fraud?

SIM Swap fraud occurs when hackers get possession of the SIM and use it to create their own phoney SIM by manipulating the verification system. Following the SIM switch, the fraudster contacts the telecom operator and informs them that the user’s SIM card has been lost, activating the number on any SIM card. Once the hacker has possession of the SIM, he or she may simply view calls or messages from that number, including the OTP, giving them complete access to your bank accounts, UPI, and other payment systems.