SIM Swap Fraud: How Attackers Empty Bank Accounts

SIM swap fraud poses a serious threat to Indian bank account holders. Attackers exploit this technique by convincing telecom providers to transfer a victim's phone number to a new SIM card under their control. Once successful, fraudsters can intercept OTPs and two-factor authentication codes, gaining unauthorized access to banking apps and payment systems. Within minutes, victims can lose significant funds through unauthorized transfers. The attack targets individuals with substantial savings and digital banking activity. To protect yourself, register for fraud alerts with your bank, use strong passwords, enable additional security layers, and maintain regular communication with your service provider about account activities. Source: Moneycontrol.com