SIM Swap
Overview
SIM swap fraud occurs when criminals trick or bribe telecom providers into transferring a victim’s phone number to a new SIM card under their control. This allows fraudsters to intercept OTPs, calls, and messages, enabling account takeovers and fraudulent transactions.SIM swaps are a major threat in banking and fintech, where OTP-based authentication is common. Regulators advise using stronger methods like app-based authenticators, push notifications, or passkeys. Institutions monitor for SIM change signals and apply step-up verification for high-risk events. Public awareness campaigns are also key to reducing SIM swap risks.
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