Trick 5- SIM Swap through KYC Deception
- Fraudsters obtain victim details through fake KYC calls or messages.
- They request a new SIM card linked to the victim’s number, gaining control over OTPs.
- This allows scammers to bypass two-factor authentication and access bank accounts.
5. SIM Swap Fraud Exploiting KYC Process (2024)
Steps of the Fraud:
- Phishing for Personal Information:
- Fraudsters sent fake SMS messages, impersonating telecom authorities, claiming the user’s SIM would be deactivated due to KYC issues.
- Collection of Sensitive Data:
- Victims were prompted to share personal information, including Aadhaar numbers and bank details, under the guise of KYC verification.
- SIM Card Duplication:
- Using the obtained information, fraudsters issued a new SIM card linked to the victim’s mobile number.
- Unauthorized Access to Bank Accounts:
- With control over the victim’s phone number, scammers intercepted OTPs and conducted unauthorized banking transactions.
- Financial Losses:
- Victims suffered significant financial losses due to unauthorized withdrawals and transactions.