Introduction:
The Cyber Crime Wing has issued an alert to the public about high-tech Deception, commonly known as SIM Swap Deception. As this type of Deception is on the rise, the public needs to be vigilant and cautious to prevent becoming a victim of this scam. In this blog, we will discuss the warning signs and precautionary measures. That can help you protect your bank accounts from SIM Swap Deception.
Table of Contents
How does the SIM Swap Deception work?
The SIM Swap Deception is a sophisticated scam that operates by stealing your bank funds through the swapping of your phone’s SIM card. The fraudster takes advantage of the phone network of bank account holders and lures them into pressing a specific digit on their phone to restore the network. Once the victim presses the digit, the network abruptly opens and closes. The fraudster then gains unauthorized access to the victim’s phone and, in a matter of seconds, transfers all the money from their bank account without any notification. The victim’s SIM card is then swapped, and the fraudster receives all the communication sent to the victim’s phone. This entire process occurs without the victim’s knowledge.
Warning signs and precautionary measures:
The Cyber Crime Wing has listed some warning signs and precautionary measures to prevent becoming a victim of SIM Swap Deception.
1. Hang up the phone instead of pressing any digit:
If you receive a call from an unknown number prompting you to press any digit to restore the network, hang up the phone instead of pressing any digit.
2. Be vigilant:
Always be cautious of any unsolicited calls or text messages that ask for your personal or financial information.
3. Use two-factor authentication:
Enable two-factor authentication for your bank account, which will require you to enter a code sent to your phone before accessing your account.
4. Use strong passwords:
Use strong and unique passwords for your bank account and avoid using the same password for multiple accounts.
5. Regularly check your bank account:
Regularly check your bank account and look for any unauthorized transactions. Report any suspicious transactions to your bank immediately.
What to do if you become a victim of the SIM Swap Deception:
If you become a victim of SIM Swap Deception, follow these steps immediately:
1. Contact your bank:
Contact your bank and report the unauthorized transaction. Your bank will freeze your account to prevent further damage.
2. Contact the Cyber Crime Wing:
Contact the Cyber Crime Wing and report the Deception. The authorities will investigate the matter and take action against the fraudsters.
3. Change your passwords:
Change all your passwords, including the ones for your email, social media, and other accounts.
Conclusion:
SIM Swap Deception is a growing concern that requires the public to be aware of the warning signs and take necessary precautions to safeguard their bank accounts. By being vigilant and cautious when receiving unsolicited calls or text messages, and regularly checking your bank account for any unauthorized transactions, you can protect yourself from becoming a victim. If unfortunately, you do become a victim of SIM Swap Fraud, it is essential to contact your bank and the Cyber Crime Wing immediately to report the Deception and take necessary actions. Remember, prevention is always better than cure, so stay alert and protect yourself from cyber Deception. Read more about Cybersecurity check out this link.