Mobile Number Replacement Fraud: A Rising Threat in Digital Banking
MAS Team | 11 September 2025
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As digital banking grows, fraudsters are constantly devising new ways to trick unsuspecting customers. One of the latest scams making the rounds is mobile number replacement fraud, where criminals attempt to substitute a customer’s registered mobile number with their own. This may sound technical, but in simple terms: if they succeed, all your banking alerts, one-time passwords (OTPs), and verification messages will go to them instead of you—giving them direct access to your financial world.
How the Fraud Works
Fraudsters rely heavily on social engineering, a technique where they manipulate people into sharing confidential information. The typical steps include:
1. Initial Contact
o Victims often receive a phone call or SMS. The message may claim:
- “Your pension verification is pending.”
- “Faster processing of your PPO (Pension Payment Order) available.”
- “Your account will be blocked if you don’t verify now.”
o The scammer uses urgency and fear to pressure the victim into quick action.
2. Bait and Trap
- A link is sent via SMS or WhatsApp, directing the victim to a fake website.
- Alternatively, the caller may directly ask for sensitive information like OTPs, ATM PINs, or passwords.
3. Execution
- With the stolen details, the fraudster approaches the bank (or uses online banking options) to change the registered mobile number.
- Once replaced, all SMS alerts and OTPs linked to the account are redirected to the fraudster.
4. Account Takeover
- Armed with OTPs, they can authorize transactions, reset passwords, or even siphon off funds without the account holder’s knowledge.
Why Mobile Number Fraud is Dangerous
- Loss of control: Your bank assumes all OTPs and alerts are reaching you, when in fact they are going to the fraudster.
- Stealth attacks: You may not realize your mobile number has been changed until significant damage is done.
- Layered exploitation: Once they access your bank account, criminals may also target linked services such as UPI apps, mutual funds, or insurance accounts.
How to Stay Safe
To protect yourself from such sophisticated frauds, follow these golden rules:
1. Protect Your Personal Information
- Never share sensitive details like passwords, ATM PINs, CVV numbers, or OTPs with anyone.
- Remember: banks never ask for PPO verification, PINs, or OTPs via phone, SMS, or WhatsApp.
2. Be Cautious with Links and Apps
- Do not click on suspicious links in emails, SMS, or WhatsApp messages.
- Only download banking or payment apps from official app stores (Google Play, Apple App Store).
- Keep your phone updated with the latest security patches.
3. Stay Alert to Unusual Communication
- Read SMS and email alerts carefully—don’t ignore them as routine messages.
- If you receive a threatening or urgent message, pause and verify through your bank’s official helpline.
4. Verify Directly with the Bank
- For doubts or queries, contact your home branch or the official customer care number listed on the bank’s website.
- Avoid calling back on numbers mentioned in suspicious messages.
5. Report Fraud Immediately
- If you suspect fraud, call the national cybercrime helpline (1930 in India) or visit cybercrime.gov.in
Dear Investor,
In case of any grievance / complaint :
In case of any grievance / complaint :
- Please contact Compliance Officer Shraddha Mhatre at [email protected] and Phone No. - 91-22-35131664.
- You may also approach CEO Debashis Basu at email- id [email protected] and Phone No. - 91-22-35131664.
