How SIM Swap Frauds Silently Drain Bank Accounts Before Victims Notice

SIM swap fraud is a growing cybercrime where attackers hijack a victim's mobile number without their knowledge. Once the SIM is swapped, the victim's phone loses network connectivity, displaying a 'No Service' signal. During this window, fraudsters intercept OTPs and authentication messages to access bank accounts. Victims typically remain unaware of the attack until they receive transaction alerts or find their accounts emptied. The brief loss of mobile service is often the only warning sign before significant financial damage is done.