SIM Hijacking: Silent Cybercrime Draining Bank Accounts

Fraudsters are exploiting SIM card hijacking to gain unauthorized access to bank accounts and drain funds silently. Attackers convince telecom providers to transfer victims' phone numbers to new SIM cards through social engineering tactics. Once in control, criminals receive OTPs meant for the account holder, bypassing two-factor authentication and gaining complete access to financial accounts. This sophisticated crime targets customers across major Indian banks. Victims often discover the theft only after substantial amounts have been transferred. Experts recommend enabling additional security layers beyond OTP-based verification and remaining vigilant about unsolicited telecom calls. Source: The Indian Express.