With the ongoing cash crunch that has affected the people amid the government's high-value currency demonetisation drive, there has been an ever-increasing tendency for them to take to the credit and the online banking route to facilitate their banking transaction. 

With people thronging ATMs' and banks over the last few days to get new notes and exchange their no-longer valid currencies, mobile phones have become the most sought after platform for the citizens to aid their online or wired banking transactions  

Keeping this in the background, there is enough reason for the hackers and fraudsters to breach into your phones and create financial frauds by exposing your financial credentials that can be detrimental to one's financial interest.

The SIM-Swap Fraud has become the buzz word among banking fraudsters, who can stalk into your bank related information via Mobile Banking transactions.

SIM-Swap involves a fraudster issuing a duplicate SIM card which is registered under your name. With a SIM card that shares the same number, the fraudster can stalk and save your bank related information via Mobile Banking transactions.

So one has to be extra careful in safeguarding your financial information against the SIM-Swap by taking the following steps - 
     
Enquire with your mobile operator if you have no network connectivity and are not receiving any calls or SMS’ for unusually long periods

Contact your Service Provider immediately as soon as you receive an indication of a probable SIM-Swap

Do not switch off your cell phone in the event you receive numerous unknown calls. It could be a ploy to get you to turn off your phone and prevent you from noticing a tampered network connection

Register for instant alerts (SMS and E-mail) that inform you of any activity regarding your bank account

Check your bank statements and online banking transaction history regularly so you can identify any issues or irregularities

Do not share the 20-digit IMEI number mentioned on the back of the SIM card with anyone. 

Do not share any SMS alerts like One Time Password(OTP) etc. with anyone.

So, stay aware and stay safe, as you continue to enjoy the benefits of convenient and secure banking.

Also Read: 32 lakh debit cards affected by security breach: HDFC, SBI, Yes Bank, ICICI and Axis worst hit

(With inputs from leading private banks)