Missed call frauds have taken a new form and are becoming increasingly common, leaving many individuals vulnerable to financial losses. In this article, we will shed light on what missed call frauds are, how they work, and most importantly, how you can protect yourself from falling victim to this type of financial scam.
Understanding Missed Call Frauds
You’ve probably heard of the cautionary advice not to click on unknown links in SMS messages, and you might be diligent about avoiding them. However, fraudsters have found a new way to exploit vulnerabilities, and it involves missed calls. These frauds are particularly sneaky because they don’t require you to click on links or provide sensitive information.
Let’s take a closer look at how missed call frauds work and the implications they can have for your finances.
The Traumatic Experience of Missed Call Fraud
Imagine this scenario: You receive a series of missed call notifications on your phone. Before you even have a chance to check them, you receive a bank notification stating that an unauthorized debit has occurred on your account. You never spoke to anyone on the phone, shared any OTPs (One-time passwords), or clicked any suspicious links. Yet, you find yourself facing a sudden and unexpected financial loss. This is the essence of missed call fraud.
An actual case of missed call fraud occurred recently in Delhi, where a lawyer received three missed calls and, within minutes, discovered that a substantial amount had been debited from her bank account. She hadn’t engaged in any phone conversations or shared sensitive information, making the situation even more baffling.
Missed Call Fraud: The Old Wine in a New Bottle
Missed call frauds are essentially a form of “SIM Card Swap Fraud.” Even if you have your mobile device in your possession, it doesn’t guarantee your safety. If your SIM card has been cloned or compromised through phishing, vishing (voice phishing), or smishing (SMS phishing), you are at risk of financial fraud.
The fraudsters have already obtained your credentials through these phishing methods, making you vulnerable. They then proceed to clone your SIM card, often claiming that your mobile device was lost or damaged. They purchase an identical SIM card with your number, all while leaving no trace for you to detect. When the time is right, they execute their fraudulent schemes, knowing your routine and habits.
Government Measures to Tackle Missed Call Frauds
Recognizing the severity of SIM card-related frauds, various government agencies in India took action to clean up the digital ecosystem. This involved a comprehensive investigation into SIM card providers and dealers, which revealed a lack of accountability and established processes.
As a result of these investigations, 52 lakh (5.2 million) mobile SIM connections were disconnected, and 67,000 SIM card dealers were blacklisted. To prevent such frauds in the future, the government implemented the following measures:
- KYC Compliance: Customers are required to submit their Know Your Customer (KYC) details when obtaining new SIM cards or duplicate ones for existing mobile connections.
- Dealer Verification: New dealers of mobile SIM cards must undergo police and biometric verification. Registration for all point-of-sale SIM card dealers is mandatory to enforce accountability.
- Sanchar Saathi Portal: The Sanchar Saathi Portal was made available to all customers in India. This portal empowers customers to check how many SIM cards are registered under their name, ensuring accountability and allowing users to block lost or stolen mobile phones.
Protecting Yourself from Missed Call Frauds
While these measures have been put in place to safeguard mobile users, it’s essential to understand that many cases of fraud may have occurred before these safeguards were established. Compromising vulnerability happens before the actual attack takes place, making it crucial to maintain vigilance. Here are some practical steps to protect yourself from missed call frauds:
Avoid Unnecessary Sharing of Your Mobile Number
Don’t share your mobile number unnecessarily or with people, forums, or places it’s not intended for. Your personal safety and financial well-being are at stake, and scammers are always on the lookout. Your vigilance alone can safeguard you.
Missed call frauds are a concerning issue that could lead to financial loss and emotional distress. By staying informed and following the recommended precautions, you can protect yourself and reduce the risk of falling victim to this type of financial fraud. Stay safe and be cautious about who you share your mobile number with, as prevention is often the best defence against such scams.
