Lost Network? It Could Be A SIM Swap Attack | How To Protect Your Money | Tech News

Scammers trick telecom providers into porting numbers to new SIMs, then use OTPs to reset passwords and transfer funds. (AI Generated)

SIM swap frauds have surged across the country, prompting warnings from financial and telecom regulators. In this scam, fraudsters hijack a victim’s mobile number by convincing telecom providers to port it to a new SIM.

Once in control, they receive OTPs from banks and other services, allowing them to reset passwords, transfer funds, and take over accounts.

Following a spike in cases in 2024-25, the Reserve Bank of India (RBI) and the Department of Telecommunications (DoT) have issued alerts to banks and telecom companies. New regulations aim to reduce reliance on SMS-based authentication and strengthen fraud-prevention measures.

CERT-IN and state cyber units have identified SIM porting scams as a significant source of financial fraud.

Expert Advice: Protect Your Accounts

To safeguard your accounts from SIM swap fraud, experts suggest the following essential measures:

• Use app-based authenticators or hardware security keys instead of SMS OTPs for important accounts.
• Set a PIN on your SIM to prevent unauthorized access.
• Request a port-out lock or number lock from your telecom operator.
• Limit your mobile number to be used only as a recovery contact in banking and other critical services.

Immediate Action In Case Of Fraud

If your phone suddenly loses network or shows ‘No Service’, treat it as an emergency. Contact your telecom operator and bank immediately from another phone to lock or reverse your SIM and freeze your accounts.

Change passwords for email and banking apps from a secure device, as email access is critical for recovery.

Filing Complaints And Seeking Relief

Victims should file complaints on the cybercrime portal and retain all documentation from the telecom company and bank. Investigating agencies may provide relief if negligence by the telecom operator or bank is established.