Signal vanished from phone? Maybe someone is trying to hack your bank account, here is what you should do

by rajtechnews June 23, 2018 at 9:49 am 0 comments
Signal vanished from phone? Maybe someone is trying to hack your bank account, here is what you should do

Earlier this month, Tania Bhattacharya, a resident of Regent Estate in south Kolkata, was allegedly duped of Rs 70,000 by someone on the phone who asked her to share her Aadhaar number for a SIM upgrade. In a similar incident, a Thane-based woman, Vaibhavi Attal, lost Rs 1 lakh to a cyber fraudster posing as a telecom company executive.

In yet another incident which took place back in May this year, a 31-year-old south Mumbai-based woman, Lubaina Kapasi, was duped of Rs 24,000 after she forwarded a verification code to a customer care number after an alleged PR professional from her internet service provider told her to do so for the company’s verification process.

Online banking frauds, more specifically SIM Swap frauds, are on a rise in India. According to a media report, a total number of 20,351 cases of SIM swap frauds were registered in Mumbai between January and April this year. According to another report, Maharashtra, Haryana and Karnataka remain the states worst hit by online banking frauds.

Notably, while the picture for 2018 looks grim so far, things haven’t been better in 2017 either. Nearly 1,700 cases of fraud cases pertaining to credit and debit card and online banking were reported back in 2017. These numbers accounted for a loss touching Rs 71.48 crore last year.

Ironically, this trend was resonated in a report by the financial services technology firm FIS, which in its global survey found out that India recorded the highest number of online banking frauds in the world with nearly Rs 1.8 billion being looted in various cases of digital frauds in 2017 alone.

Despite the staggering losses and increased social media awareness about these cases, people continue to fall prey to such ponzi schemes by the fraudsters who dupe innocent citizens of their hard earned money.

While banks do send reminder emails and SMSs cautioning their customers of such frauds, their messages often lie in the inbox– unread and ignored.

So here we have listed a series of steps that you can take to prevent being duped by the fraudsters. But before that it is imperative to understand how these scamsters fool innocent people into giving away their money.

HOW DO THESE FRAUDSTERS OPERATE?

Under the SIM swap technique, swindlers collect victim’s personal and banking information using various techniques like phishing, vishing or voice phishing, or smishing or SMS phishing. They then approach the telecom company like Airtel or Jio to get the victim’s SIM blocked. After this, they visit the company’s retail outlet with a fake ID posing as the customer.

The mobile operator then deactivates the original SIM and issues a new SIM to the scamster, which is then used to receive the one time password (OTP) required to facilitate the banking transaction. The OTP is received on the new SIM held by fraudster who then robs the victim of the money in his account.

HOW TO PREVENT SIM SWAP FRAUD?

Banks recommend a series of steps and precautionary measures in order to avoid getting duped by the fraudsters. Here are some key points that you can keep in mind:

– Check with your telecom company if you have no network connectivity in your phone for a prolonged period of time or if you aren’t receiving any calls or alerts from your bank for a long time.

– Do not display your mobile number on social media platforms.

– Do not open SMSs or emails from contacts you cannot identify.

– Do not turn off your phone in case you receive multiple calls from unknown numbers. It could be a ploy to prevent you from noticing a tampered network connection.

– As a practice, register for both, SMS and email alerts, from your bank for your account transactions.

 

 

Source:- indiatoday

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