It is being said that 5G will get 10 times faster speeds than 4G. Of course, after the 5G launch, people will get a lot of benefits from it, but along with this, we can also see some of its disadvantages. ‘

In the name of 5G, fraudsters can clean your account in a jiffy. According to a report in The Economic Times, experts say that SIM swap frauds may increase rapidly after the 5G launch.

He said that telcos will need to make customers aware to avoid SIM swap fraud as customers will need to upgrade the SIM card to use 5G services and hackers can take advantage of this, increasing the chances of fraud. Will go

Sim Swap Fraud and Dangerous Losses

Actually, SIM swap fraud occurs when fraudsters obtain information about a customer through fake calls, phishing etc. and the same number was stolen to contact the telecom service provider for getting a new SIM card issued. use the information.

After the SIM card is issued, the old SIM with the customer is deactivated, and all new communication on the number is received by the fraudster.

This allows scammers to access information such as banking one-time passwords (OTPs), from which they can easily steal money from the victim’s account. This can also happen in the case of a stolen phone, or when unknown customers click on the unknown link, which allows the fraudster to remotely duplicate the SIM and gain access to the OTP.

Companies can run awareness campaigns

The Department of Telecom (DoT) issued detailed procedures and steps for obtaining the explicit consent of customers for the issue of new SIM cards in cases of upgradation in 2016 and 2018.

Reports suggest that the department is working on further guidelines to streamline and secure the process. Rishi Anand, Partner, DSK Legal said, “Telecom companies can conduct awareness campaigns to prevent customers from passing on personal and financial details to unverified sources and inform them about the remedies available in case of SIM swap scams. Huh.”

At present, all telcos send messages from time to time informing customers to beware of requests for personal and financial details from unknown numbers/companies. They also outline the platforms where customers can reach out with SIM swap/upgradation requests.

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