The Hush Post|04:50pm| 2-min-read
A Mumbai-based businessman recently lost Rs 1.86 crore to six late night missed calls. Courtesy one of the most dangerous banking fraud called SIM Swap.
In the intervening night of December 27-28, between 11 pm and 2 am, he received six phone calls, two from the UK. However, his phone was in silent mode in the night and the calls went unnoticed.
When Shah realised his phone had stopped working, he approached the service provider. “I was informed that I had put in a request to block my SIM around 11.15 pm on December 27”.
He was later told that the money was transferred to 14 accounts across the country through 28 transactions. The victim, V Shah, runs a textile firm.
The victim could recover only Rs 20 lakh as the remaining money had already been withdrawn.
The cybercells of Police departments in cities like Kolkata, Bengaluru, Mumbai and Delhi have already reported several instances of ‘SIM Swap’.
What is SIM Swap
This method is used by criminals to trick gullible mobile phone users who end up losing money in a matter of minutes.
Every SIM card has a 20-digit number. Look for it at the back of your SIM card. In a fraud case, either the scamster will try to convince you share your 20-digit unique number or they have already hacked it to get it.
According to a report by Mumbai Mirror, the fraudsters had got access to the victim’s unique SIM number and had initiated the SIM Swap process in the night to go undetected.
The scamster, in most cases, already has information about your banking ID and password. All they need is the OTP that you get on your registered mobile number to make financial transactions.This is mostly through phishing attacks.
The victim could have accessed a fake version of his banking website thus giving away personal details automatically to hackers.
Personal banking details or the unique SIM card number could be misused by people who are close to the victim.
SIM Swap or simply SIM card exchange is basically registering a new SIM card with your phone number. Once it is done, your SIM card will become invalid and your phone will stop receiving signal. Now, once the miscreants have your phone number, they will get OTPs on their SIM card.
With this they can initiate bank transfer and even opt to shop online after getting OTPs.