SIM Swap Fraud: How Attackers Access Your Bank Accounts

SIM swap fraud remains a significant threat to Indian bank account holders. Criminals exploit mobile network vulnerabilities by convincing telecom staff to transfer phone numbers to new SIM cards under their control. Once successful, attackers gain access to two-factor authentication codes sent via SMS, effectively locking out legitimate owners from their bank accounts and digital wallets. This social engineering attack has enabled large-scale financial theft across India. Victims often discover the fraud only after unauthorized transactions occur. Banks and telecom providers are implementing stricter verification protocols, but awareness remains crucial. Citizens should register grievances with their banks immediately upon noticing suspicious SIM activity and request account freezing to prevent further losses. Source: The Tribune.