India Books 39 Agents Over Ghost SIM Scam Fueling Cyberfraud Across States

SIM swapping fraud, a technique where criminals hijack victims' phone numbers by manipulating telecom providers to transfer numbers to SIM cards they control, is surging globally and causing significant financial and personal harm. In India, the CBI has charged 39 point-of-sale agents for issuing unregistered 'ghost' SIM cards used in cyber frauds, revealing systemic vulnerabilities and possible insider involvement. The UK has witnessed a dramatic 1,055% increase in SIM swapping incidents, leading to losses as high as $1.8 million per attack and affecting major retailers, highlighting the growing sophistication of these crimes that exploit weaknesses in two-factor authentication (2FA). Similar scams in Australia involve unauthorized phone porting, enabling criminals to access bank accounts and social media, prompting calls for stricter verification processes. Experts and authorities worldwide recommend enhanced security measures, including more stringent identity verification by mobile carriers, alternatives to SMS-based 2FA, and increased user vigilance against social engineering tactics that facilitate these attacks. The rise in SIM swapping underscores the critical need for telecom providers and regulators to strengthen protections to safeguard users from identity theft and financial fraud.