Ms. Sara, a regular user of mobile banking, lost phone signal one morning. Assuming it was a technical glitch, she didn’t think much of it. Little did she know that her SIM had been swapped. By the time she checked her account, several unauthorised transactions had already drained her savings. This example highlights how quickly a SIM swap can wipe out your funds — a nightmare turned into reality!
With the increasing reliance on smartphones for banking, shopping, and communication, the threat of cybercrimes has grown exponentially. Among the most cunning tactics employed by fraudsters today is SIM swap fraud — a scam that can cause severe financial damage if not detected early.
Let’s understand this better, so we can stay vigilant and protect ourselves.
SIM swap fraud occurs when fraudsters manipulate mobile service providers to gain control of your phone number. By transferring your number to a new SIM card, scammers can intercept calls, texts, and OTPs (One-Time Passwords), giving them unauthorised access to your bank accounts, social media, and other critical services.
- Signs you might be a victim of SIM swap fraud
Here are some red flags that indicate your SIM might have been swapped,
1. Loss of service - If your phone suddenly cannot make calls, send texts, or access mobile data, it could be a sign that your number has been activated on another SIM.
2. Unusual account activity - If you notice irregular login attempts or unauthorized access to your bank accounts or social media, take immediate action.
3. Unauthorised transactions -Watch out for any unexpected transactions on your bank accounts or credit cards, especially through net banking or mobile banking apps.
- Steps to take if you suspect a SIM swap
If you believe you are a victim of SIM swap fraud, act immediately
1. Contact your mobile service provider - Report the issue and request to block your number immediately.
2. Inform your bank - Notify your bank to secure your accounts and block any unauthorized transactions.
3. Change your passwords - Update passwords for all accounts linked to your phone number, such as email, banking apps, and social media.
- Proactive measures to protect yourself
1. Enable e-Lock facilities - Use features like the SIB Mirror+ app, which allows you to lock your account with a single toggle for added security.
2. Be vigilant about communications - Avoid sharing sensitive information over calls or texts, especially with unknown numbers claiming to be from banks or telecom providers.
3. Monitor your accounts regularly - Keep a close eye on all your transactions and immediately report any unusual activity.
4. Use strong authentication - Enable multi-factor authentication (MFA) wherever possible to secure access to your accounts.
- Contact information for assistance
If you notice suspicious activity or require assistance, here are the important contact details
- Customer care (24/7) - 1800 425 1809 / 1800 102 9408
- National Cybercrime helpline - 1930
- Email support - customercare@sib.co.in
SIM swap fraud is a serious threat, but with awareness and the right preventive measures, you can protect yourself. Stay informed, stay alert, and take proactive steps to safeguard your financial security. Remember, a little vigilance goes a long way in staying one step ahead of cybercriminals.
Disclaimer: The article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of The South Indian Bank Ltd. or its employees. The South Indian Bank Ltd and/or the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial/non-financial decisions based on the contents and information’s in the blog article. Please consult your financial advisor or the respective field expert before making any decisions.