Businessman lost Rs 50 Lakh to SIM Swap Fraud

A businessman lost Rs 50 Lakh from his bank account to SIM Swap Fraud as fraudsters replicated his SIM card and used it to authenticate online money transfers to 28 accounts. The victim had a bank account in a well-known bank and was using the phone number issued by a prominent telecom operator. The fraudster somehow managed to get a new SIM card with the same number from this telecom operator. When the new SIM card was availed with the same number, the SIM card which the victim had got deactivated and OTPs were sent to the new SIM card. Using the OTP sent to the new SIM card, fraudsters transferred Rs 50 Lakh from the victim's bank account through 28 transactions.