Man Loses ₹50 Lakh By Missed Calls. No OTP. Here’s How One Of The Biggest Cyber Frauds Happened

The rate of cyber fraud and crime is increasing daily with advancements in technology. There are frequent reports of someone being looted online. A recent incident in Delhi can be termed one of the biggest cyber frauds. Initial investigations suggested that the mastermind behind this cyber fraud is Jamtara which is situated in the tribal district of Jharkhand. The place is marked as the hub of cybercrime. The place was once known for social reformer Ishwar Chandra Vidyasagar’s contribution to educating the tribal girls.

In Delhi, a group allegedly conned the director of a security services firm of Rs 50 lakh via a fraudulent transfer from his bank account

According to the reports, the cyber thieves managed to loot Rs 50 lakh without asking for a one-time password (OTP). The fraudulent transaction was made by repeatedly giving him missed calls on his mobile phone.

What exactly happened?

• The incident took place on October 19, according to reports.
• On the day, the victim’s phone was allegedly flooded with calls from unknown numbers between 7 pm and 8:45 pm.
• He did pick up a few calls but ignored the others.
• The victim had the shock of his life when he checked his phone later. He found transactions worth Rs. 50 lakh through RTGS (Real Time Gross Settlement).
• Online criminals are targeting the victims. Several RTGS transactions worth over Rs 50 lakh were made from the current account of the man’s company, reported by TOI.
• The initial investigation revealed that the amount was sent to separate accounts. Rs. 12 lakh were fraudulently transferred to one Bhaskar Mandal’s account and Rs. 4.6 lakh went to one Avijit Giri. Also, an amount of Rs. 10 lakhs went to two separate accounts.

What did the investigation reveal?

• The police revealed that the fraud was carried out without needing the OTP. It was suggested that the accused might have used the “SIM Swapping” technique.
• As suggested by another officer, the cybercriminals might have overheard the OTP being said via IVR through a parallel call.
• Reports also indicate that the recipients of the money could be just the account holders who may have given their accounts on rent to the thieves.

SIM (Subscriber Identity Module) Swapping

• With SIM Swapping fraudsters can gain access to a customer’s SIM card and also gain access to a duplicate SIM card with the number registered with the customer’s bank account.
• To carry out unauthorized transactions fraudsters use the OTP received on such duplicate SIM.
• Fraudsters generally pose as telephone / mobile network staff to collect personal details from the customer. They get intel in the name of offers like providing a free upgrade of SIM card from 3G to 4G or providing additional benefits on the SIM card.

What should we do to prevent such cyber crimes?

• Never share your identity details related to your SIM card.
• If you notice that there is no mobile network for a long period of time even when you are in a stable environment, contact the mobile operator. Make sure that no one has made a duplicate SIM card of your mobile number.

The popular web series ‘Jamtara’ was released in 2020 based on cyber crimes on a large scale here. Measures have been taken to prevent cyber fraud. A cyber police station was set up in the area in 2018. Though hundreds of cyber criminals have been arrested by the police, the crimes still continue.

They start their operations as soon as they are out on bail. Cyber crimes have reached such a level in the past six to seven years that police officers from different states had to visit the place in search of criminals related to cybercrime cases.