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Be aware of the SIM replacement fraud-What happens in a SIM Swap fraud?
17 Jan 2019

Be aware of the SIM replacement fraud-What happens in a SIM Swap fraud?

Be aware of the SIM replacement fraud.

As you know, a mobile phone is an integral part of banking channels these days. You can get account-related alerts and OTPs required for your financial transactions through your mobile phone. With the latest increase in SIM swap fraud, we would like to make sure you take all the precautions you can to avoid becoming a victim. Here are a few tips on how SIM swap fraud works and how to avoid it:

What happens in a SIM Swap fraud?
The fraudster contacts
you for your SIM card
number and other
personal details
Gets a duplicate
SIM of your registered
mobile number
Obtains the `One Time
Password` and other
data
Makes fraudulent
transactions from your
bank account/cards
Measures to protect against SIM Swap:
Keep your 20-digit SIM number confidential
Contact your mobile service operator if your number suddenly stops working
Avoid uploading your mobile number on any social media platforms
Register for instant bank alerts by submitting a request at the nearest branch
Do not share any personal details over calls or emails
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