SIM Swap Scam Can Drain Your Bank Account

A SIM swap scam is a type of fraud in which a scammer tricks your mobile carrier into transferring your phone number to a new SIM card that they control. A SIM swap scam involves a scammer gaining control of your mobile number by tricking your telecom provider. With this scam your bank account can be empty without your knowledge.

Increasing SIM swap scam can drain your bank account in 3 missed calls. It is a clever social engineering scam that takes advantage of telecom systems to hijack phone numbers, bypass online security, and steal funds. Once they have the control of your phone number, they can use it to bypass two-factor authentication and access your bank accounts and other online accounts.

SIM swap scams are becoming increasingly common, and scammers are developing new and more sophisticated ways to carry them out. One recent scam involves the scammer sending you a series of missed calls from an unknown number. When you call back, the scammer will pose as a representative from your mobile carrier or another trusted company. They will then try to convince you to give them personal information, such as your account number or PIN.

If you receive a call from an unknown number, do not give out any personal information. If you are unsure whether the call is legitimate, hang up and call your mobile carrier directly.

Here are some tips to protect yourself from SIM swap scams:

· Be careful about giving out your personal information to anyone, even if they say they are from a trusted company.

· Never click on links or open attachments in emails or text messages from unknown senders.

· Enable two-factor authentication on all of your online accounts.

· Set up a PIN or password with your mobile carrier to prevent unauthorized SIM swaps.

· Monitor your bank accounts and other financial accounts regularly for suspicious activity.

Several cases have come to the lime light that money was debited from their bank account without authorization. As SIM swap crimes become more widespread, it’s crucial for citizens to understand how this scam works and take preventive steps to avoid becoming the next victim.

If you think you may have been a victim of a SIM swap scam, contact your mobile carrier and your bank immediately.