SIM Swap Fraud: How Criminals Drain Your Accounts

SIM swap fraud remains a serious threat to Indian bank account holders and digital wallet users. Attackers convince telecom providers to transfer your phone number to a new SIM card, gaining access to OTPs and two-factor authentication codes. Once in control, fraudsters reset passwords, drain bank accounts, and steal cryptocurrency. To protect yourself, enable IMEI lock on your SIM, register a strong PIN with your telecom provider, monitor account activities regularly, and avoid sharing personal details online. Consider separate mobile numbers for banking transactions. Report suspicious activity immediately to your bank and telecom provider. Source: The Economic Times.