The Department of Telecommunications has taken a strict stand after increasing incidents of financial frauds through SIM cards. The department has started work on making guidelines related to replacement of SIM cards in case of loss or damage.
In this regard, the department held a meeting with telecom companies last week and sought suggestions from them regarding SIM swap.
Preventing misuse of SIM cards was also discussed in the meeting. Under the current system, when a SIM card is damaged or stolen, the subscriber requests the telecom company for replacement. After proper verification, the company gives the new SIM card to the customer, but many times fraudsters illegally take the new SIM card by submitting fake documents with the telecom company and steal money from the account of the person concerned.
Meeting will also be held next week: According to the information, the Department of Telecom has sought suggestions from the companies regarding changing the SIM, on the basis of which guidelines can be prepared. A meeting is also to be held with the companies of the Department of Telecommunications next week regarding this. The main objective of preparing these guidelines is that instead of fraudsters, the genuine customer should get the facility to change the SIM.
This is how cheating is done
The fraudsters first collect information about the bank account and registered mobile number of the person concerned through phishing or other means. After this, through forged documents, the telecom company is requested to discontinue the SIM card. After verification, the telecom company closes the original SIM and gives a new SIM card to the fraudsters.
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This gives fraudsters access to the One Time Password (OTP) and transacts fraudulently. By the time the real customers get to know about this, fraudsters sometimes steal money from the bank account through financial transactions.
Bank-telecom companies issue advisory
Most of the banks and telecom companies keep issuing advisories from time to time regarding frauds by changing the SIM. It also gives information to the customers on how to avoid fraud. Once the guidelines are in place, it will be easier for telecom companies and customers to check SIM card misuse.