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How to Protect Yourself from SIM Swap Fraud

  • Highlights

  • SIM swap frauds are on the rise

  • Don’t reply to calls, messages, or emails that ask for your personal information

  • Limit the amount of personal information you share online

  • Contact your bank or SIM card carrier if you think you’ve fallen victim to the SIM swap fraud

The benefits of mobile banking include the convenience of logging into your account at any time, transferring funds instantly and even depositing cheques. You can log in to your banking app with just one single click. You just need to enter the OTP. However, this also increases the risk as fraudsters and cheaters can conduct SIM swaps and manage to get OTPs or alerts that come on your phone number.

But how can that happen? You may wonder. Considering the increasing number of cybercriminals employing ‘SIM swapping’ strategies, this could turn anyone’s life into a living nightmare.

So, what is SIM card swapping, really?

It is a way cybercriminals adopt to swap SIM cards by transferring your mobile number to their device. They do this by tricking your SIM card provider.


A SIM swap attack! What’s the modus operandi?

If a fraudster steals your phone number, impersonating your identity becomes a whole lot easier. In all probability, your number is linked to your bank account. So, when a fraudster steals your number, they can easily access your OTPs and confirmation codes and then try accessing your bank account to steal all your money. These scammers can go as far as applying for loans in your name and also defraud your contacts pretending to be you.


How to identify a SIM card fraud?

A SIM swap detection can get tricky. However, if any of the following happens to you, take action immediately.

  • You getting locked out from all of your phone’s online accounts
    If this ever happens to you, contact your SIM carrier immediately. For all you know, a SIM swap could be the cause.

  • Great reception, but no cell phone service
    If your phone loses connectivity even when there are no network issues, chances are, your SIM has been swapped. Don’t take this lightly, and make sure you notify your cell provider immediately.

  • You receiving notifications for things that you didn’t even do
    It’s important to be alert. Make sure to check your accounts regularly and watch out for suspicious activities. That said, most cell providers notify their users if anything unusual happens to their accounts.

What are some tips to stay safe? Wondering how to prevent SIM swap in India? You can take these precautions to avoid falling victim to such scams:

Avoid sharing personal information online: Fraudsters tend to latch onto even the slightest of details to present your SIM card carrier with a convincing story. So, it’s important to remember not to share your personal information on social media platforms or websites.

Don’t fall for phishing emails, texts, or calls: Cybercriminals tend to employ phishing tactics to get your confidential information. These fraudsters may pose as agents from your bank or other financial institutions to gain your trust so that you don’t hesitate to share the information they ask you for. So if you suddenly receive a call/email from someone asking for your personal details, hang up or delete the mail.

Use strong passwords and security questions: One of the best ways to stay safe is by using a password that is impossible to guess. A strong password must contain at least 12 characters with a combination of numbers and symbols. Also, make it a point to use identity questions that even your close acquaintances fail to guess.

If you have fallen victim to a SIM swap scam, you must call your mobile carrier and inform them that you have not made any changes to your account. You should also get in touch with your bank and check for any suspicious activity. You must lodge a complaint with the RBI here https://cms.rbi.org.in/ or the cyber police department here https://cms.rbi.org.in/.

Always remember -

No Bajaj Finance employee asks for your personal information like OTP, CVV, PIN, or your account details. However, if you are receiving such fraudulent calls, you must reach out to us immediately at  https://www.bajajfinserv.in/reach-us.

Savdhaan Rahein. Safe Rahein.

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