In a serious case of cyber fraud, a 62-year-old man from Bengaluru has reportedly lost ₹7 lakh 44 thousand 831 due to a SIM Swap Fraud, raising fresh concerns over mobile-linked banking security systems. The victim alleged that his mobile number stopped functioning for several days, during which multiple unauthorised transactions were carried out from his bank account without his knowledge.
According to the complaint, the victim’s mobile number remained inactive between May 31 and June 7, 2026. During this period, he was unable to make or receive calls or messages. Initially, he assumed it was a routine technical glitch and approached the mobile service centre for assistance. However, the issue persisted for several days, delaying restoration of services.
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Investigators believe that during this window of mobile network disruption, cybercriminals exploited the situation to gain unauthorised access to the victim’s banking credentials. With the SIM inactive, OTP-based authentication alerts and security notifications failed to reach the victim, allowing the fraudsters to access and operate his bank account freely.
The scam came to light after the victim regained mobile connectivity and attempted to log into his mobile banking application. He faced login issues and subsequently visited an ATM to obtain a mini statement. The statement revealed multiple suspicious transactions, prompting immediate concern. He then contacted the bank’s customer care and reported the incident.
Bank officials later confirmed that a total of ₹7,44,831 had been debited from his account through several unauthorised transactions. Following this, the victim filed a complaint on the National Cyber Crime Helpline (1930) and submitted a formal report to the police for further investigation.
Based on the complaint, police have registered a case and initiated a detailed probe. Preliminary findings suggest that the incident is linked to SIM Swap Fraud, a method in which cybercriminals take control of a victim’s mobile number by duplicating or transferring the SIM, thereby intercepting OTPs and bypassing two-factor authentication systems.
Cybersecurity experts note that such frauds typically begin with manipulation of telecom verification systems, followed by unauthorised access to banking applications. Once control over OTPs is achieved, fraudsters can carry out rapid fund transfers before the victim becomes aware of the breach.
Authorities are currently analysing banking transaction records, mobile service logs, and digital footprints to trace the origin of the fraud. The telecom service provider has also been asked to submit detailed information regarding the disconnection and restoration timeline of the mobile number.
Officials stated that further investigation may reveal a larger organised cybercrime network operating across multiple locations. The possibility of coordinated SIM Swap operations targeting multiple victims is also being examined.
The case has once again highlighted vulnerabilities in digital banking systems that rely heavily on mobile-based authentication. Experts emphasise the need for stronger SIM security protocols and additional verification layers beyond OTP-based systems.
Meanwhile, cyber officials have advised citizens to remain alert and immediately report prolonged mobile network disruptions to both banks and telecom operators. They have also warned against sharing OTPs, clicking unknown links, or responding to suspicious calls, as these are common methods used by cybercriminals.
The investigation is ongoing, and police expect further breakthroughs as telecom and banking data analysis progresses.
