This type of account takeover fraud, also known as a ‘port-out scam’ or SIM splitting, generally targets a weakness in the two-factor authentication (2FA) process wherein the second factor is an SMS or call placed to the fraudster’s mobile number.

• Step 1

A scammer gathers a customer’s personal information through practices such as phishing, vishing or smishing (via SMS) and then uses these details to get a new SIM card issued in the customer’s name.

• Step 2

Using this SIM card, the scammer will get all the sensitive information they need, including OTPs, to conduct fraudulent transactions from the customer’s bank accounts.

• Do not share your personal and confidential details with unknown people calling from unverified numbers or respond to emails or text messages from suspicious addresses.
• If your phone number remains inactive for a long time, get in touch with your mobile operator immediately.
• Never share the 20-digit number at the back of your SIM card.
• Avoid sharing your phone number on social media or websites.
• Check your bank account alert messages and statements regularly and report any inconsistent transaction or activity immediately.