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Steel trader loses Rs 7.42 cr in SIM swap fraud
On December 23, the complainant visited an Airtel store to inquire about the issue. The store staff confirmed that the SIM card was inactive, suggesting that the phone might be switched off.
2 min read
SIM swap fraud is a growing concern, where cyber criminals trick telecom providers into transferring a victim’s phone number to a new SIM card under their control. This allows them to intercept sensitive information, such as OTPs for online banking and other financial transactions.
A steel trader in Mumbai fell victim to a SIM card swap fraud in which he lost Rs 7.42 crore in December last week. In SIM card swap, fraudsters manage to get a replacement SIM card by posing as a customer and make fraudulent transactions.
According to the complainant, on December 22 last year, he and his family were at home when they noticed that they were unable to reach his brother who uses the primary SIM card for the company’s bank account. After investigating, they discovered that the SIM card had been deactivated.
On December 23, the complainant visited an Airtel store to inquire about the issue. The store staff confirmed that the SIM card was inactive, suggesting that the phone might be switched off.
Suspecting something amiss, the complainant checked the company bank account linked to the particular mobile number and found multiple transactions totaling over Rs 7.42 crore following which they approached the police. The matter was handed over to the north region cyber police that is currently investigating the matter.
SIM swap fraud is a growing concern, where cyber criminals trick telecom providers into transferring a victim’s phone number to a new SIM card under their control. This allows them to intercept sensitive information, such as OTPs for online banking and other financial transactions.
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