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Beware! Fraudsters can block your SIM and empty your bank account

IamCheated.com Research Team | March 05, 2020  6:02:pm

Beware! Fraudsters can block your SIM and empty your bank account

The mobile number you use is really important. You are asked to provide your mobile number at various places. For instance, you must provide the mobile number for your bank account, PF account, Demat and trading account, e-wallets, online shopping and much more.

Whenever you have to carry out any important transactions, an OTP is sent to your mobile number and the transaction is completed, only on entering the OTP. If you want to make any online payments, your bank will send an OTP to your registered mobile number. The payment is completed only after entering your OTP.

As mobile numbers are very important while carrying out various transactions, fraudsters are using them to cheat people and empty their bank accounts. Fraudsters get the SIM cards re-issued by offering forged documents. When the SIM card is re-issued; the victims old SIM card is blocked. Fraudsters use new SIM cards to carry out fraudulent transactions and empty bank accounts of victims.

In this blog, we will discuss the real-life incident of a businessman who lost Rs 1.3 crore after his SIM card was inoperative for four days.

Here is what exactly happened

The victim was a businessman who ran a chemical dye unit in Naroda, GIDC. He was using internet banking for his current account on the mobile phone. On February 28th, while on a flight, he found that his SIM card was not working. He put this down to network issues at the Airport.

His SIM card did not work for the next two days as well. His mobile was still dead when he returned home. The following day, the businessman's son called his driver and told that Rs 1.37 Lakh was debited from two bank accounts of his company.

The businessman immediately blocked his bank accounts and reached out to the network service provider.  The network service provider informed him that his SIM card was re-issued on February 28th as documents had been submitted. The SIM card was re-issued by fraudsters on providing the victim’s forged documents. This fraud is known as the SIM Swap fraud.

Between February 28th and March 2nd, the money was transferred from the victim's bank account across 21 different transactions into accounts at Delhi and Kolkata.  The victim did not receive any OTPs (one-time passwords) as his SIM card was not operative. All the OTPs sent by banks were received by fraudsters who had got his SIM card re-issued.

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