What is SIM Swap Scam and how can you protect yourself? Find out

With technology booming a luring threat always dangles over our heads – scams. Yes, as technology is evolving and improving, so are these scams and these scammers are way too good at these things. Currently, a new scam is picking up and is being flagged across the country. This is a sim-card swap scam and people are losing a lot of money. Let’s find out all that we can about this scam.

What is the SIM card swap scam?

Firstly, what is the SIM card swap scan? Have you received multiple missed calls from random numbers recently? If not, you surely must have heard someone complaining about it. If you’re one of the lucky ones who haven’t received random missed calls yet, be careful when you receive it the next time because that’s your sign to take action.

So what these scammers do is they create a copy of your SIM card so that all your OTPs and bank messages are directed towards them. They can even make a duplicate sim card while your original sim is activated. They have an insider working with the telecom companies who help them do this. So, all your messages reach them and they then use it to drain your bank accounts.

Also read: No more fraud calls, thanks to TRAI’s AI-based spam call filter: How it will work

Why do they bother with the missed calls then? Well, they continuously drop missed calls on your phones to divert you. The plan is that continuous missed calls will annoy the victim and they would keep their phone aside without constantly checking it. Because of this, they won’t even notice that they’ve lost connectivity as their SIM card has been deactivated. And that’s when a new sim card is generated and bank accounts are looted. So, you don’t even have to pick up any phone call or share the OTP to lose money, scammers are past that stage now. 

Who has been scammed?

Recently, an advocate in North Delhi became a victim of this scam. She received three missed calls from an unknown number and then money was withdrawn from her bank account. Again, back in February, a school teacher lost 1.5 lakhs the same way, according to an Indian Express report.

Also read: IRCTC scam alert: Fake IRCTC app is stealing people’s money, here’s how

How can you protect yourself?

1. Be aware, keep checking your phone, SMS, and call logs for anything fishy. Also, check your emails frequently. People miss out on the emails that could help take prompt action.
2. In addition to message notifications from banks, also enable email notifications, if not done already.
3. If you lose connectivity on your phone, check why immediately.
4. You can also keep updating your bank passwords frequently.
5. Immediately contact your bank and get your accounts blocked if you think you’ve lost access and a scam could happen.