SIM-swap fraud: How to avoid SIM-swap scams and prevent losing crores of rupees from a missed call

SIM swap fraud has become a prevalent type of cyber fraud in India, with cybercriminals using various methods such as phishing, vishing, and smishing to obtain personal information of potential victims. Once they have the information, they create a fake ID and issue a duplicate SIM card which blocks the original SIM and gives fraudsters access to the victim's account and OTP.

This type of fraud has resulted in people losing crores of rupees, with recent incidents including a Mumbai resident losing Rs 1.7 crore and a Delhi businessman losing Rs 50 lakh. To avoid being a victim of SIM swap fraud, it is essential not to share any personal information with anyone and to use a strong password. Additionally, it is advisable to keep a withdrawal limit on your bank account and immediately stop your net banking if you experience poor network connectivity in your area.

Cybercriminals often lure their victims by offering free upgrades from 3G to 4G, extra benefits on packages, lottery prizes, and verification of bank details. Once the information is provided, fraudsters can clear the entire amount from the victim's account. This type of fraud is not just limited to India, as the FBI has registered 1,611 complaints of SIM swap fraud in 2021 alone, with the fraud amount estimated to be $68 million or Rs 544 crore.

Avoid sharing important personal information with anyone and use a strong password. Set a withdrawal limit on your bank account and immediately stop net banking if you have a poor network in your area or contact your operator.

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