In short
Fraudsters cause a victim's mobile number to be moved to another SIM or otherwise take over the number The objective is typically to bypass SMS-based authentication and carry out unauthorized financial transactions.
What it is
The attack may be paired with identity theft or social engineering against telecom/account processes. The victim is then pushed to use the hijacked number to receive authentication messages and reset/access financial accounts.
How it starts
Fraudsters cause a victim's mobile number to be moved to another SIM or otherwise take over the number.
What they tell you
The attack may be paired with identity theft or social engineering against telecom/account processes
What they want you to do
Use the hijacked number to receive authentication messages and reset/access financial accounts
How you lose money
bypass SMS-based authentication and carry out unauthorized financial transactions
What happens next
After the first successful step, the fraudster may demand more money/information, deepen account or device access, or disappear.
Warning signs
identity theft | account takeover | SIM swap | OTP interception
Where this is documented
India — officially documented by an Indian authority/regulator
How to avoid it
Use only the bank/payment app or official contact details; never share OTP, PIN, password or screen access; verify the payee and transaction purpose before approving.
If it already happened
Contact the bank/payment provider immediately if money moved; report financial cyber fraud promptly via 1930 and cybercrime.gov.in; preserve messages, transaction IDs, phone numbers and URLs.