Guys, I received a mailer from Citibank today and I thought it might benefit all of you so I am posting it here. Although many of you might already be aware of this growing fraud, a reminder would surely help all of us to stay cautious.
Protect yourself against SIM Swap
What is SIM Swap?
• Fraudster collects victim’s personal banking information
• Fraudster approaches victim’s mobile operator with victim’s fake identity proofs & obtains a duplicate SIM card
• Mobile operator deactivates the original SIM card post successful verification & issues a replacement SIM
• Fraudster generates the One Time Password (OTP) which comes on the new SIM & carries out account transactions without victim’s knowledge
Tips to safeguard yourself against SIM Swap
• If your mobile stops working for unusual reasons, check with your mobile operator immediately
• Never disclose Internet banking password/ATM PIN/Telephone PIN to anyone
• Do not disclose your mobile number on social media platforms
• Register for both SMS as well as e-mail alerts to stay informed about transactions on your account
• Never respond to unknown mails or calls asking your account details and registered mobile number
My Personal Recommendation
Never use your primary phone number for bank/investment accounts. Get a new number and use it specifically for bank/investment accounts — do not share this number with anyone.