With increasing usage of devices connected to the internet, we are constantly at the risk of being trapped by fraudsters. The damage to an individual or an organisation can be reputational as well as financial. The most common type of theft online is identity theft (read more about it here: bit.ly/2fBZI0O).
While identity theft in itself can be harmless, often it is only the first step of causing larger damages such as stealing critical information or money from your bank accounts. Though it is not impossible to execute a hack and steal money from a bank account remotely, often some kind of physical involvement at some stage is needed. We spoke to experts to understand how some of these tricks work, so that you can be more careful and not fall into traps.
SIM card cloning
Most financial and non-financial transactions need a one-time password, which you receive on your registered mobile phone. This is a crucial detail. “We freely give photocopies of our identity proof and PAN card wherever needed. Sometimes, these end up in wrong hands and they are able to get a SIM card for your number using these documents,” said Altaf Halde, managing director, Kaspersky Lab (South Asia). “If you have not given an alternate number to the telecom company, you have no way of finding out that a new SIM card has been issued,” he said. If the service provider has another number to contact you, you can be alerted that there is a request from you for a new SIM card.
