Since mobile banking has become more popular in India, issues like malware, SIM swaps, etc have increased according to a 2014-15 report of Pricewaterhouse Coopers Pvt Ltd on banking fraud. Mobile banking, which is gaining appeal due to its convenience comes with several concerns as well. Banking fraud via sim swap is a reality. It is also hard to stop as fraudsters carry out identity theft, then get your current SIM blocked and purchase duplicate SIMs from service provider outlets using forged ID proofs. The OTPs are then received on that SIM and it is then used to carry out financial transactions in your name. What to do after banking fraud? –You should get in touch with your bank immediately, and get all your cards hotlisted or change your login credentials immediately. Take a complaint reference number and follow it up. –The cyber crimes unit run an online fraud and banking fraud cell. If you are a victim of such a fraud, you should immediately approach the cyber cell and file a det
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