SIM-Swap involves a fraudster issuing a duplicate SIM card which is registered under your name. With a SIM card that shares the same number, the fraudster can stalk and save your bank related information via Mobile Banking transactions.
HERE ARE A FEW TIPS TO PREVENT A SIM-SWAP:
Enquire with your mobile operator if you have no network connectivity and are not receiving any calls or SMS’ for unusually long periods
- Contact your Service Provider immediately as soon as you receive an indication of a probable SIM-Swap
- Do not switch off your cell phone in the event you receive numerous unknown calls. It could be a ploy to get you to turn off your phone and prevent you from noticing a tampered network connection
- Register for instant alerts (SMS and E-mail) that inform you of any activity regarding your bank account
- Check your bank statements and online banking transaction history regularly so you can identify any issues or irregularities
- Do not share the 20-digit IMEI number mentioned on the back of the SIM card with anyone.
- Do not share any SMS alerts like One Time Password(OTP) etc. with anyone.
So, stay aware and stay safe, as you continue to enjoy the benefits of convenient and secure banking.
Source: ICICI Bank