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4 Ways in Which Network Providers are Preventing SIM Card Frauds

SIM card frauds are now more common than ever! As authentication procedures demand SMS and call verifications in most cases, cyber attackers are now keen on gaining access to that front. 

Following that, attackers now use SIM Swap, SIM Cloning, and SIMjacker attack methods to compromise your network and gain access to sensitive messages and calls. These SIM frauds cost a lot to consumers and network carriers.

So, what are law enforcement and network carriers doing about it? Let's get an insight into their best practices for preventing SIM card fraud. 

First, What is SIM Card Fraud?

The SIM card is a small chip inserted into a mobile phone. It contains information about the user's phone number, contacts, and other sensitive data. SIM card fraud is when someone pretends to be you and contacts your network provider to get a replacement for your SIM card. They may do this by providing personal information obtained through phishing or other means. Once they have the new SIM card, they can access your mobile phone account, including making calls, sending text messages, and accessing sensitive data.

SIM card fraud can have severe consequences for victims, including financial losses and damage to their credit scores.Fraudsters may use the victim's phone account to make expensive calls or send premium text messages. This results in high bills that the victim may be unable to pay. They may also use the account to commit other forms of fraud, such as opening credit card accounts or applying for loans in the victim's name.

It is crucial to keep personal information secure to protect against SIM card fraud. Be wary of unsolicited phone calls or messages that request personal information. Monitoring phone bills and account activity regularly to detect unauthorized activity is also a good idea. If you suspect that you may be a victim of SIM card fraud, it is essential to contact your mobile phone service provider and report the incident to the relevant authorities.

Preventive Measures by Telcos to Stop SIM Swapping and Other Frauds

SIM card swapping is one of the most dangerous plagues for all smartphone users. Individuals can lose their money and personal data in a single attack on their devices. So, to stop SIM card fraud, telecom companies have implemented several preventative measures to stop SIM card fraud.

#1: KYC to the Rescue!

Telecom companies focus more on KYC needs, including biometric solutions such as fingerprint scans and facial recognition. Passwords and publicly available information can be stolen, but biometric data cannot be compromised. Hence, this initiative helps telecom companies verify SIM swap requests more accurately. They can correctly determine if the request comes from real customers or fraudsters. 

#2: Video Call Verification

Telecom operators use selfie verification through live video calls. In it, they compare the photos with the submitted government-ID copies. A SIM swap request applicant will also be required to do certain tasks, such as lifting their arm or touching their cheeks. It ensures that the video is real and that no fraudster uses any photo from the web for verification.

#3: Two-Factor Authentication

Telcos use two-factor authentication, which requires customers to provide additional information beyond their password or PIN to access their account. For example, the network provider may send an OTP to the customer's mobile phone that they must enter before accessing their account.

#4: Lastly, Awareness!

Another preventative measure Telcos use to stop SIM card fraud is to send messages to their customers informing them about fraud risks and how to protect themselves. These messages may include warnings about not clicking on links or downloading attachments from suspicious sources, as these could be phishing scams that trick customers into giving away their personal information.

These messages are usually sent to customers through various channels, such as SMS, voice calls, email, or social media. They are designed to educate customers about fraud risks and provide them with the information they need to protect themselves from scams and fraudulent activities.

Government Initiatives to Prevent SIM Card Fraud

Law enforcement and the government have instructed SIM card providers to decline SIM swap requests. It is to ensure that fraudulent activities are stopped from the roots without any vulnerabilities.  

The Indian government and law enforcement have also established CyberSafe, a fin-tech & cybersecurity application for tracing compromised funds transfers in real time. As soon as a SIM swap or device hack is initiated and the victim registers a police complaint, this app will be used to trace the real-time movement of funds to find the hacker and recover the money as soon as possible. With their mission, "One Sim, One Fraud, No More", this initiative aims to stop SIM Card Frauds.

Conclusion

So, this is how network providers and the government are preventing SIM fraud from its roots. Even with these practical measures, knowing where you share your personal information is still essential. With proper awareness, you can prevent hackers from using any vulnerability to hack your device or SIM.