SIM Card Fraud Reported as Man Steals Rs. 18.74 lakh by hacking into Bank Account

SIM Card Fraud Reported as Man Steals Rs. 18.74 lakh by hacking into Bank Account،

Digital India is constantly on the rise and so are the scams and frauds that come with it. In a recent turn of events, a SIM card fraud was reported in which a man from Navi Mumbai allegedly hacked into a company's bank account and stole Rs. 18.74 lakhs. The Navi Mumbai Police discovered this cyber theft case and PTI reports that the man used SIM card fraud to execute this cyber theft.

What is SIM card fraud?

SIM card fraud, also known as SIM swapping or SIM card hijacking, is a type of account takeover fraud that allows criminals to access your phone number and potentially everyone your online accounts. In this scam, scammers obtain enough information and then contact your SIM card company and pretend to be you. They will claim your phone was lost or stolen and ask for a new duplicate SIM card with the same phone number.

Cell phone SIM cards

Now, with a new SIM card in possession, fraudsters can receive all your texts and calls, including two-factor authentication codes. This will allow them to access your online accounts, such as your bank account, social media accounts, and email.

Once they gain access to your accounts, fraudsters can steal your money, make unauthorized purchases, or transfer funds to their accounts. They may also use your accounts to commit other serious crimes like identity theft or fraud.

In such a scenario, it is very difficult for the scammed person to realize it until they keep receiving calls or messages.

What is the case?

The fraudster illegally accessed the company's bank accounts by manipulating the login credentials of a telecommunications services company, triggering an investigation by the Cyber Police, following the complaint filed by the company in September.

“Investigation revealed that the bank account holder into whose account Rs. 18.74 lakhs was transferred from the company's account and shared the account details including ATM PIN, check book and mobile number with a man from West Bengal. Police traced the location of the man, identified as Noor Islam Sanfui, in 23 Parganas, and arrested him,” said an official.

“In this particular crime, the man using the real cell phone number had received a SIM card indicating that his SIM card had been deactivated, but he did not notice this. The same SIM card was found active in the accused's cell phone,»continues the manager.

The arrest of the alleged perpetrator is a reminder of how your SIM card can pave the way for huge fraud.

Here are some ways that can be used to protect yourself against SIM card fraud.

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Ways to protect yourself against SIM card fraud

Fraudsters collect various information like Aadhaar and then apply for duplicate SIM cards and if successful, they can commit fraud. It is therefore mandatory to remain vigilant and ensure that your SIM always has network coverage. If your SIM card has lost network, someone else may have access to your account. Make sure you can make and receive calls and messages at any time.
Smishing Phishing is a hacking method in which links are sent to users, pretending that they are from financial institutions. They have a form to fill in their personal information and if someone fills it out they risk losing control of their SIM card. Downloading certain apps also allows scammers to control your phone.
If you lose your phone or SIM card, have your SIM card blocked by the service provider immediately. Get a duplicate SIM card and continue using it. SIM cards can also be locked. To access these locked cards, you need a password. This will prevent SIM fraud.
Having eSIMs can prevent SIM card fraud. It is almost impossible to transfer an eSIM without unlocking the device and even if the phone is stolen, eSIMs cannot be accessed. If your device supports e-SIM, convert your physical SIM card to e-SIM.

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