SIM Swapping Scam

About SIM Swapping Scam: 

• It occurs when a malicious actor convinces your carrier to transfer your phone number to a new SIM card in their possession.
• This can grant them access to your calls,texts, two-factor authentication codes, and potentially even financial accounts linked to your number.
• Modus operandi: In the SIM swap scam, fraudsters first take personal details such as phone numbers, bank account details, and addresses with the help of phishing or vishing.
• After receiving the personal information, fraudsters visit the mobile operator’s retail outlet, posing as the victim with a forged ID proof, and report a fake theft of the victim’s SIM card and/or mobile phone.
• By doing this, they attain a duplicate SIM.
• Notably, scamsters can get a duplicate SIM even when the original is working, as they reported a theft of the original SIM card.
• Unlike other scams, where scamsters trick people into giving OTPs and private information on a phone call, the SIM swap scam doesn’t require direct communication with the victims.
• However, fraudsters do give missed calls to their victims so that the latter leave their phones and ignore the lost network connectivity.
• When the SIM is swapped, the accused gains control of the entire SIM. All calls and messages go through their SIM only. 
• Once in control of the SIM card, they are able to obtain passwords and OTPs that allow them to access their targets' bank accounts

Q1: What is Spear Phishing?

Spear Phishing is an email or electronic communications scam targeted towards a specific individual, organization or business.

Source: One Tech Tip: Protecting yourself against SIM swapping