Three Vs of data- volume, variety and velocity have increased the cyber frauds and threats. AI, ML and DL are the most exciting technologies to combat cyber security threats. In this article the various Telecom frauds and debit/credit card frauds and how customers can avoid becoming prey to them are discussed.
Telecom frauds and the best practices
1. SIM swap/ MNP frauds
In this kind of fraud, the fraudster manages to get a new SIM card issued against a registered mobile number of the victim. He gets OTP and alerts, which are required for doing transactions through the victim’s bank account.
He may acquire SIM:
• From the same TSP (Telecom Service Provider) by impersonating with fake documents
• From different TSP by fraudulently getting UPC (Universal Porting Code) from the actual customer
How to combat?
• If there is no network with your SIM card
• Confirm by switching off-on, flight mode off-on
• Make a call to your mobile number to verify if it is swapped
• Call customer care to verify if SIM swap or MNP is done with your number. If so, ask the TSP to block your number and also block the transactions on your bank account linked to this number.
• Don’t share UPC
• Don’t share your mobile phone with unknown person
2. Telecom tower installation frauds
The fraudster advertises in the local newspaper that landowners can lease their vacant land for the installation of the tower and lures them with attractive rent offers, hefty advance…
