SIM-Switch Fraud: ICICI Bank issues advice to customers to block it

ICICI Bank has warned its customers to beware of SIM-Swap fraud.

In a post on Twitter the bank advised customers to “never share your personal contact details on any social media platform because it is sensitive personal information.”

What is SIM-Switch fraud? Everything you need to know

According to the ICICI Bank website, SMI-Swap fraud occurs when a fraudster receives a new SIM card issued to your registered number by a mobile service provider under the SIM swap / exchange.

The Fraudster receives a unique registration number or OTP (one-time password) as well as the necessary warnings to make financial transactions with your bank account with the help of a new SIM card.
They first collect your bank account and mobile phone registration information through a phishing scam and then install Trojan or malware on your phone or computer via email.

They approach your SIM card provider once they have been able to obtain your mobile phone number and bank account details. To get a new SIM card, swindlers can use it for any reason, such as losing their cell phone or using fake documents.

The original SIM card with the customer stops working when they receive it and make it work new, and they use this to make unauthorized transactions.

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SIM-Swap fraud – Steps through that you’ll be able to stop from it :

– Enquire together with your mobile operator regarding the standing of utility if your phone doesn’t show any network property.

– don’t share associate degreey personal or account details on the phone on an incoming decision. don’t even verify details if the person already appears to possess them.

– Register for email and SMS alerts together with your bank.

– Keep a check on the transactions often.

– Install a security app on your phone that may determine malware and trojans.

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