What is SIM-Swap Scam?

About the SIM-Swap Scam:

• All banking applications are linked to phone numbers, which help in generating OTPs (to authenticate transactions) or receiving important bank-related messages.
• In the SIM swap scam, fraudsters first take personal details such as phone numbers, bank account details, and addresses with the help of phishing or vishing.
• After receiving the personal information, fraudsters visit the mobile operator’s retail outlet, posing as the victim with forged ID proof, and report a fake theft of the victim’s SIM card and/or mobile phone.
• By doing this, they attain a duplicate SIM.
• Notably, scamsters can get a duplicate SIM even when the original is working, as they reported a theft of the original SIM card.
• Unlike other scams, where scamsters trick people into giving OTPs and private information on a phone call, the SIM swap scam doesn’t require direct communication with the victims.
• However, fraudsters do give missed calls to their victims so that the latter leave their phones and ignore the lost network connectivity.
• When the SIM is swapped, the accused gains control of the entire SIM. All calls and messages go through their SIM only. 
• Once in control of the SIM card, they are able to obtain passwords and OTPs that allow them to access their targets' bank accounts.

What is phishing?

• Phishing is a technique in which scamsters send malware links to victims through mail or messages.
• Once the link is opened, the malware steals all of the victim’s personal information.