Protect your Mobile Phone from SIM Takeover Fraud

Your smartphone and your mobile SIM are two key components of your technology journey. From making phone calls to managing banking and investments, the reliance on mobile devices is only growing. Take UPI, for example, the first step to authenticate your UPI account is via SMS from the mobile number registered with your bank account. This imposes significant risk on your mobile SIM – which can become the target of a SIM Takeover Fraud.

What is SIM Takeover Fraud?

This fraud type does not require physical access to your device. Instead, fraudsters manipulate mobile carriers into transferring your phone number to a SIM card they control. They do this by first collecting your personal information through phishing techniques and then raising a “SIM card lost” complaint with your mobile carrier. They use all the personal information they have collected about you for verification purposes and port your SIM to a SIM card they own – giving them access to your incoming calls, text messages, and most critically—verification codes for your banking and payment apps. The consequences can be financially devastating.

In this blog, we’ll explore the essential steps you need to take to protect yourself from becoming the next victim to a SIM takeover fraud.

How to protect yourself from SIM Takeover fraud:

Given the growing risks associated with SIM Takeover fraud, it’s essential to take proactive steps to protect your mobile accounts. Here are 5 crucial tips that will help safeguard your mobile SIM:

1. Enable SIM pin/password

Major telecom companies and smartphone providers offer the option to set up an account PIN or password for added security. This makes it significantly more difficult for fraudsters to alter your account without your consent. Check with your mobile carrier on how to activate this feature and while doing so, select a strong and unique password.

2. Be cautious with personal information

Never share your personal information (such as SIM card number, PIN and passwords) over the phone, email or text messages. Fraudsters frequently use social engineering tactics to deceive individuals into revealing sensitive details.

3. Use strong authentication methods

Whenever possible, opt for two-factor authentication (2FA) methods that don’t rely only on SMS. Although SMS-based 2FA is widely used, it is susceptible to SIM Takeover fraud. Consider using other secure options along with SMS authentication.

4. Monitor your mobile usage

Regularly check your phone’s usage and activity for any unusual behavior, such as a sudden loss of network signal or unexpected verification codes. If you notice anything suspicious or suspect your phone number has been compromised, contact your network provider immediately. They can help investigate and secure your account to prevent further fraudulent activity.

5. Use alerts and notifications

Many banks and financial institutions offer the option to set up alerts for transactions or account changes. Activate these notifications to quickly identify any unauthorized activity in your accounts.

Why SIM Takeover Fraud is dangerous

SIM Takeover fraud can have severe consequences:

• Access to Sensitive Information: Once fraudsters take control of a victim’s phone number, they can bypass security features such as 2FA, gaining access to financial accounts, email, social media and other vital services.
• Financial Loss: Fraudsters can carry out unauthorized financial transactions, such as draining bank accounts or using credit cards associated with the victim’s phone number.
• Privacy Violation: Fraudsters can intercept calls and messages, acquiring personal information that could be used for identity theft.

SIM Takeover fraud poses a significant threat in today’s mobile-driven world. Fraudsters are always devising new ways to exploit weaknesses in mobile networks, putting personal information and financial security at risk. However, by remaining vigilant, implementing strong security measures, and following the best practices mentioned above, you can safeguard yourself from becoming a victim of SIM fraud.

Remember, the key to preventing fraud and protecting your mobile number and sensitive information is taking proactive steps. 

Stay aware, stay secure and ensure your mobile security remains uncompromised.

How to report SIM Takeover Fraud incidents

If you suspect you have been targeted by a scam, report it immediately:

Reporting on PhonePe

• PhonePe App: Go to the Help section and raise a complaint.
• PhonePe Customer Care: Call 80-68727374 / 022-68727374.
• Webform Submission: Visit PhonePe Support.
• Social Media Reporting:
  • Twitter: PhonePe Support
  • Facebook: PhonePe Official
• Grievance Redressal: File a complaint at PhonePe Grievance Portal.

Reporting to Authorities

• Cyber Crime Cell: File a complaint online at Cyber Crime Portal or call 1930.
• Department of Telecommunications (DOT): Report suspicious messages, calls, or WhatsApp fraud via the Chakshu facility on Sanchar Saathi Portal.

Important reminder — PhonePe never asks for confidential or personal details. Ignore all mails claiming to be from PhonePe if they are not from the phonepe.com domain. If you suspect fraud, please contact the authorities immediately.