SIM Swap Fraud Hacks Your Phone, Steals Money from Bank


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How to Protect Yourself

It is clear SIM Swapping fraud is dangerous for your bank account and also online presence. So, it is wise to protect yourself from such fraud by following below precautions:

  • Be alert in not sharing your personal information to others, especially in case of unknown calls. This is the key to avoid losing your data and money in such fraud.
  • Be careful of the kind of apps you download on your phone. Avoid ‘click baits’ and beware of any unsolicited emails, texts or even calls asking for personal/financial information, even if they claim to be calling from your trusted bank/institution.
  • Do not sign into shady websites with your Google or Facebook account.
  • Install anti-phishing and anti-malware protection on your devices.
  • In case you do not have a network on your mobile and do not receive any SMSes for a considerable amount of time, get in touch with your mobile service provider. Make sure you did not fall victim to the SIM Swap Scam. Note, some service providers send text message alerts before a SIM swap.
  • If possible, apart from the SMS and two-factor authentication (2FA), use extra/enhanced security features like app-based codes.
  • If your bank offers SMS and email alerts for all your banking activities, then choose both. Stay informed about the activities in your bank account.
  • Check your bank statements and transaction history regularly for any irregularities.

References:

How to avoid being a victim of SIM swap fraud


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