I've heard of Phishing & Vishing, but SIM-swap fraud was news to me. Excerpt from a today's column on SIM-swap fraud -
Your mobile phone is now also a convenient banking channel; but it can make you vulnerable to SIM-swap fraudsters if you do not take some simple precautions.
How do SIM-swap frauds occur?
• The fraudster obtains your mobile phone number and bank account details through a phishing e-mail.
• He asks your mobile-phone-service provider for a replacement SIM card under some pretext, like changeover to a new handset or loss of SIM/handset.
• The service provider deactivates your SIM card and gives him a replacement SIM.
• The fraudster introduces a payee into your bank account using the phished data, transfers funds from your account to his and withdraws the money through an ATM.
• All this while, your service provider's alerts don't reach you because your SIM card has been deactivated.
What are the safeguards that should be taken?
• Never respond to phishing e-mails.
• Do not disclose your mobile phone number on websites.
• Change your banking passwords frequently.
If you find your mobile number inactive for an unusually long period or abruptly barred from calls; or if it displays limited access or says the SIM is inactive; contact your service provider without delay and find out the reason.