SIM Swap Frauds: What are SIM Swap Frauds? How to Prevent it?

#SIMswap #AirtelSIM #CyberCrime #BankFraud #SIMFraud
The video explains about SIM Swap frauds, why its one of the most dangerous cyber crime of the virtual world, what are its warning signs, remedial measures if you become a victim of SIM Swap fraud and how to prevent being victims of this fraud.

SIM swap attack is a relatively new and sophisticated form of cyber crime. It is also known as SIM splitting, SIM jacking, SIM hijacking, or port-out scamming.

These attacks are based on Subscriber Identity Module (SIM) cards which are the storage for user data in Global System for Mobile (GSM) phones. Without a SIM card, your GSM phone won’t connect to a mobile network.

Here’s how the Fraud Works:
You need a One Time Password (OTP) sent by your bank on the linked phone number to complete the log-in process, isn’t it? But what if fraudsters swap the SIM? It will give them complete control over the number and thus OTP also.

Thus, in a SIM Swap fraud case, fraudsters manage to get a new SIM card issued against the victim’s number through the mobile service provider. With the new SIM, they perform unauthorized financial transactions by having the access to OTPs and alerts.

How Real is SIM Swap Fraud Threat?
Before proceeding further, let’s see whether SIM swap threats are real or more of theoretical type. Consider the following news for consideration:

URL: https://punemirror.indiatimes.com/pune/civic/pn-gadgil-and-sons-loses-rs-2-98-cr-in-hack-attack/articleshow/72390008.cms
PN Gadgil and Sons loses Rs 2.98 cr in hack attack

URL: https://www.deccanchronicle.com/amp/nation/current-affairs/210120/bizman-loses-rs-25l-in-sim-swap-cyber-fraud.html
Bizman loses Rs 25L in SIM Swap cyber fraud

Thus the threats of SIM swap frauds are very real. In fact, very few SIM swap frauds are actually reported to police. Mostly, cases where fraudsters become successful in siphoning off large sum of money, are only reported to police. Therefore, the actual number of SIM swap cases, are far higher than those reaching media or being registered at the police station.

Need for SIM Swap?
SIM swap is needed in various situations. Examples include:

Your SIM Card isn’t Working Properly: For example, when you accidently damage your SIM card and thus require replacement for it. The service provider then deactivates your old SIM and issues a new one.

Lost mobile handset: Thousands of users lose their handset in India every year. The mobile service provider then issues a new SIM card of the same number, for a mere payment of few Rupees.

Need to change SIM size: For example, from micro to mini or vice versa. It is required to place the SIM in another phone, having a different slot size.

Porting from One Operator to Another: Consider a situation where you want to port from Airtel to Jio or vice versa. Then, you will request the same to the new operator. The new operator, then approves your request, and provides you a new SIM with same number.

Steps Involved in SIM Swap Fraud?

Social Engineering: In this step, the scammer gathers as much information as possible about the prospecting victim. The various means to obtain such information includes Phishing, Vishing, Smishing, Call spoofing etc. OSINT, Open Source Intelligence Techniques are also used to gather relevant information about the victim e.g., through social media analysis.

Blocking the Regular SIM: The scammer approaches the mobile service provider and gets the regular genuine SIM blocked. Subsequently, they visit the operator’s outlet posing as customer, with the fake documents.

Issuance of New SIM: The mobile service provider then deactivates the original SIM and issues a new one to the fraudster.

The Unauthorized Bank Transaction Stage: The fraudster starts receiving the OTP required for bank transactions.

Blog version: https://cyber-cops.com/cyber-victim/what-are-sim-swap-frauds-how-to-prevent-in-india-2020
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Видео SIM Swap Frauds: What are SIM Swap Frauds? How to Prevent it? канала Cyber Cops