SIM swapping or SIM Hijacking is the technique used by criminals to register an already existing number on a new SIM card, so they can intercept the OTPs and can reset the login credentials.
By having control over the phone number attackers can bypass 2FA authentication and reset the passwords to gain access to the victim’s accounts.
It appears the attackers obtained the unique SIM number and have initiated the SIM swap. The SIM replacement appears to be filed on Dec 27 where on the next day around 2 am he had received six missed calls
An FIR was filed in the BKC Cyber Crime Police Station. “We suspect the scamsters had access to Shah’s unique SIM number and had initiated a SIM swap. To ensure he doesn’t suspect anything, they called him late in the night when his phone was on silent mode,” a police officer told the paper.
By having access to his phone numbers attackers intercept OTP to gain access to the account and allegedly transfer Rs 1.86 crore from his company account to 14 accounts through 28 transactions across the country.
The SIM swapping attacks are in raise and anybody can fall prey to it. Following are the common Bank Fraud Techniques to steal your Information.
Vishing also knows as Voice Phishing, a social engineering technique used by attackers over the telephone system to gain financial details, by using this method attackers steal payment card details.
Commonly carried out via e-mail spoofing and instant messaging, attackers present a fake page posing to be a trusted source and steal your banking credentials.
Smishing also knows as SMS phishing that involves in text messaging, the tactics used by attackers to leverage the payment card details and credentials.
Banking malware is pushed through Social engineering, Phishing, and spam emails and security vulnerabilities. They are designed to Steal Money, personal and financial information. Some of the well-known banking malware are Zeus, Spyeye, and Zitmo.