ICICI Bank has issued an alert to its customers about SIM-Swap fraud. The bank told customers in a Twitter post: "never share your contact details publicly on any social media platform as it is sensitive personal information".
What is a SIM-Swap fraud?
A SMI-Swap fraud occurs when a fraudster receives a new SIM card for your registered mobile number via the mobile service provider under SIM swap/exchange, according to the ICICI Bank website. With the help of the new SIM card, the fraudster receives a unique registration number or OTP (one-time password) as well as alerts needed for conducting financial transactions from your bank account. They use phishing attacks to access your bank account details and mobile registration number, then use email to install a trojan or malware on your phone or computer. They contact the SIM card issuer once they have your registered mobile number and bank account details. Scammers can use any pretext to obtain a new SIM card, such as mobile lost and so on. They get a new SIM from the telecom provider using forged records or fake documents. Once they get a new SIM card, the old one in the customer's hands stops functioning. After that they make unauthorised transactions with the new SIM card.
Here are the measures issued by ICICI Bank to prevent SIM-Swap Fraud
- Inquire with your telecom provider about the status of your service if your handset does not indicate any network connectivity.
- On an incoming call, don't let out any personal or account details. If the individual seems to already have the details, don't bother to double-check it.
- Enroll for email and SMS service with your bank.
- Keep an eye on the transactions on a daily basis.
- Download and install a security application that can detect malware and trojans on your handset.