The Department of Telecommunications (DoT) has come up with a new SMS rule that could mitigate a prevailing SIM swap fraud in the market. Let’s learn what this SIM fraud is and how the new DoT rule will cripple that.
New SIM rule to counter SIM swap fraud: What is being mandated?
Once the telecom operator gets a request to change a SIM number, they will have to intimate the customer about receiving the said request.
Then the customer has to confirm the request via an IVRS call. This is to ensure it’s been initiated by the authorized holder or owner of the SIM.
Now, if you fail to prove the same or the request gets rejected by the customer, the telecom operator will have to stop the SIM upgrade process right away.
This new process is set in motion to prevent nefarious actors from gaining access to your mobile number and OTP. In case you’re wondering how? Please read on.
SIM swap fraud: How is it carried out?
As you know mobile numbers are used for double-factor authentication. You receive OTPs for several data-sensitive transactions. And if somebody gets access to your mobile number and therefore the OTPs that you receive on it, then that can be a grave issue.
Apparently, scammers have been duping telecom brands by requesting duplicate SIMs for mobile numbers whose owners would be somebody else altogether. When they get a duplicate SIM card, they use that unauthorized access to take out funds in the account or perform other fraudulent activities.
Let’s hope this new SIM rule puts an end to this.
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