A recent media report has revealed a novel method of committing banking frauds in India. The report mentions that phishers have developed a new modus operendi to defraud banking customers of their hard earned money. The modus operendi is very simple. The cyber criminals first ascertain victim's sensitive information like bank account/credit card/PAN numbers, address, date of birth and mobile phone numbers, etc. On the basis of such vast information, they then make a fake PAN card and obtain a new SIM card in the victim's name.
Once the SIM card is issued, the victim's mobile phone having the old SIM card gets deactivated. This is done to ensure the victim doesn't receive details of his/her bank account while it is being misused.
Now here lies the confusion. If I apply for a new SIM card it does not automatically deactivates my old number. I would get an additional number and it would not deactivate my previous SIM card. So there is something missing from the police version or the media story.
Nevertheless, the loss to the victims of this crime is real. Further, this episode has also raised a question as to the liability of telecom service provider, bank and the defrauded bank customers respectively.
