SIM Swapping Scam:
Google Fi wireless has introduced a security feature called ‘Number Lock’. This new feature empowers users to take control and prevent a growing cybersecurity threat – SIM swapping.
- It occurs when a malicious actor convinces your carrier to transfer your phone number to a new SIM card in their possession.
- This can grant them access to your calls, texts, two-factor authentication codes, and potentially even financial accounts linked to your number.
- In the SIM swap scam, fraudsters first take personal details such as phone numbers, bank account details, and addresses with the help of phishing or vishing.
- After receiving the personal information, fraudsters visit the mobile operator’s retail outlet, posing as the victim with forged ID proof, and report a fake theft of the victim’s SIM card and/or mobile phone.
- By doing this, they attain a duplicate SIM.
- Notably, scamsters can get a duplicate SIM even when the original is working, as they reported a theft of the original SIM card.
- Unlike other scams, where scamsters trick people into giving OTPs and private information on a phone call, the SIM swap scam doesn’t require direct communication with the victims.
- However, fraudsters do give missed calls to their victims so that the latter leave their phones and ignore the lost network connectivity.
- When the SIM is swapped, the accused gains control of the entire SIM. All calls and messages go through their SIM only.
- Once in control of the SIM card, they are able to obtain passwords and OTPs that allow them to access their targets’ bank accounts
