Mumbai Police’s cyber division successfully froze Rs 4.65 crore after a SIM swap fraud incident targeting a Kandivali-based private company owner, marking another significant case in India’s ongoing battle against mobile-based cybercrime. The cybercrime occurred on December 23, 2024, when criminals executed an unauthorized SIM swap on the victim’s phone number to gain access to the company’s bank account, ultimately transferring Rs 7.5 crore to multiple accounts.
The victim immediately contacted the Mumbai Police’s 1930 cyber helpline upon discovering the fraud. The helpline team swiftly registered the case and coordinated with bank nodal officers, enabling the Cyber Police to freeze Rs 4.65 crore within four hours of the incident being reported. The rapid response demonstrates recent improvements in India’s cybersecurity infrastructure, which has implemented more robust fraud prevention measures.
The 1930 helpline operates under the Mumbai Police Crime Branch specifically to assist citizens in freezing stolen funds in cybercrime cases. Law enforcement officials emphasize that prompt reporting of cyber fraud incidents significantly increases the likelihood of fund recovery, a lesson learned from similar cases worldwide.
SIM swap fraud typically involves criminals gathering personal information through social engineering or phishing techniques. Perpetrators may acquire victim data through malware, deceptive links, or purchased bank databases. The fraud is executed by requesting mobile carriers to block the victim’s SIM and activate a new one using falsified identification documents. Once in control of the new SIM, criminals can receive one-time passwords to conduct unauthorized banking transactions. The vulnerability has led to mobile operators worldwide implementing new security measures through initiatives like the GSMA Open Gateway.
To prevent SIM swap fraud, security experts recommend enabling email alerts for bank accounts, promptly reporting unexpected SIM deactivation to banks, maintaining vigilance during holidays when services may be limited, implementing two-factor authentication beyond SMS-based methods, and regularly updating banking passwords. Security experts increasingly advocate for moving away from SMS-based authentication toward more secure alternatives like biometric authentication and hardware security keys.
Sources: Lokmat Times
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