ICICI Bank alerts customers of 'Sim Swap' frauds, but what does it mean?

ICICI Bank alerted its customers about a possible ‘SIM Swap’ fraud and requested them to beware of falling for such malicious traps.

In a Twitter post, ICICI Bank advised, “Never share your contact details publicly on any social media platform as it has sensitive personal information. Stay safe and practice #SafeBanking.”

 But what is a SIM Swap?

As per the bank’s website, under SIM swap/exchange, the fraudster manages to get a new SIM card issued for your registered mobile number through a mobile service provider. With the help of the new SIM card, the fraudster gets URN/OTP & alerts required for financial transactions.

This fraud takes place when a fraudster obtains your bank account details and registered mobile number through phishing or through Trojans/Malware.

Under the pretext of losing the mobile handset, fraudster approaches mobile service provider by creating a fake identity of a genuine customer. After customer verification, a mobile service provider will deactivate the old SIM card which is in the customer’s possession and issue a new SIM card to the fraudster. There will be no network on customer’s handset and they won’t receive any SMS, alerts, OTP, etc. on their phone, the bank explained.

 How to identify/avoid SIM Swap?

If your SIM card abruptly stops working for a few hours, immediately seek help from your operator. Never share your 20-digit number written behind the SIM with anyone. Never make your mobile number, linked to your bank accounts, public on social media.

Last but not least, regularly check your bank statements and online banking transaction history to help identify any issues or irregularities.