SIM swapping scams have emerged as a new threat, with hackers gaining access to victims’ SIM cards and bank accounts. In a recent incident, a Delhi-based lawyer lost Rs 50 lakhs after receiving just three missed calls.
What is a SIM Swapping Scam?
In a SIM swapping scam, cybercriminals obtain a duplicate SIM card by tricking the telecom provider. They do this by providing personal information about the victim that they have gathered through phishing attacks or data leaks.
Once the hackers activate the duplicate SIM, all calls and SMS meant for the victim’s number are redirected to the scammer’s device. This allows them to bypass two-factor authentication and access bank accounts using the OTPs sent to the swapped number.
Gathering Personal Information Through Phishing
According to the investigating officer, the Delhi-based lawyer had not shared any banking information, OTPs or passwords with the scammers. However, analysis showed suspicious browsing history from her device and phishing links sent to gain information.
This indicates that scammers likely gathered enough personal details to SIM swap through phishing attacks, undetected malware or previous data breaches. With information like address proof and linked phone numbers, they can social engineer customer care to issue a replacement SIM.
Immediate Action Required to Avoid Major Losses
The lawyer received messages about unauthorized withdrawals worth several lakhs just after the missed calls. This shows how quickly money can be siphoned once scammers execute a successful SIM swap.
Experts recommend immediately contacting your telecom provider if your SIM stops working unexpectedly. You should also block your card and inform the bank of any suspicious transactions. Enabling SIM locking options and two-factor authentication provides additional security.
Also Read: Cyberfraud Prevention: How to Avoid Being a Victim
Staying Vigilant Against Growing SIM Swap Scams
SIM swapping scams are on the rise globally, with celebrities like Jack Dorsey also falling victim. As per reports, hackers stole $7 million from a Silicon Valley executive in a SIM swap attack last year.
To avoid being targeted, one should refrain from posting personal information publicly or sharing it with unknown callers. It is also recommended to frequently change passwords and be wary of phishing attempts. Enabling login alerts for financial accounts can notify you of any suspicious access.
While telecom regulators are working to strengthen customer verification processes, users must exercise caution given the scale of personal data available online today. Being alert and acting swiftly can help limit financial damage from SIM swapping frauds.
Also Read: Mumbai Doctor Loses Rs 1.1 Crore in Cryptocurrency Scam
200 Words On How Long It Takes To Crack Passwords
According to Paytm CEO Vijay Shekhar Sharma, password length plays a critical role in preventing unauthorized access. Number-only passwords can be cracked instantly or in under 6 days depending on length.
It is length of password that matters most. Add few small caps alphabets too to make one. pic.twitter.com/CATY4gSEPk
— Vijay Shekhar Sharma (@vijayshekhar) October 14, 2023
8-character passwords using lower-case letters take less than an hour. A 12-character password using upper and lower case letters with symbols can take up to 5 months to crack.
Adding more characters exponentially increases the time required. For instance, a 20-character password with letters, numbers and symbols could take over 500 years to brute force.
Sharma emphasizes that password length matters more than complexity. However, experts recommend combining length, complexity, and multifactor authentication for robust security.
Frequently updating passwords is also advised, as hackers continuously expand their computing power. Stolen password lists from websites can also speed up cracking.
In conclusion, very short or basic passwords provide little protection today. Opting for longer, more complex passphrases is crucial for securing accounts and preventing cybercrime.
Also Read: Staying Safe From the Call Forwarding Scam and How to Control Call Forwarding
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