ICICI Mobile Banking Alert! Here’s how to keep your M-Banking safe from SIM-Swap fraud

This further increases the vulnerability as fraudsters conduct SIM swap/exchange and manage to get an OTP or alerts that come on that phone number. With the help of SIM swap, they get a new SIM card that has your registered mobile number through the mobile service provider.

People generally prefer mobile phones to log in to their banking app or any other financial transactions such as One Time Password (OTP), Unique registration number (URN), 3D secure code, etc.  This further increases the vulnerability as fraudsters conduct SIM swap/exchange and manage to get an OTP or alerts that come on that phone number. With the help of SIM swap, they get a new SIM card that has your registered mobile number through the mobile service provider. In a tweet ICICI Bank said, "Stay vigilant and take the necessary steps by reporting this instance to your mobile network provider and by keeping a track of your network status. Beware of SIM Swap fraud. Do not switch off your phone! This could be fraudsters preventing you from noticing a tampered network connection."