A dangerous new financial fraud known as “SIM Swap” is targeting bank accounts in India, allowing criminals to steal massive sums of money without ever asking for an OTP or password. Fraudsters first gather personal details like Aadhar numbers and bank information from leaked databases, then use a fake ID to obtain a duplicate SIM card from a telecom provider by claiming the original was lost. Once the new SIM is activated, the victim’s phone loses network signal, and all subsequent bank OTPs are redirected to the attacker’s device. Recent Bombay High Court rulings have even ordered major banks like Bank of Baroda and HDFC to refund victims over ₹1.5 crore due to security lapses during such attacks. To protect yourself, experts recommend enabling a SIM lock in your phone settings, using official bank authenticator apps instead of SMS-based OTPs, and immediately contacting customer care or the cybercrime helpline (1930) if your phone unexpectedly loses signal for more than 30 minutes.
