A mobile phone is a convenient banking channel. One can get account-related alerts,One Time Password (OTP), Unique registration number (URN), 3D secure code etc. required for financial transactions and make various financial inquiries through the mobile.
Under SIM swap/exchange, fraudster manages to gets a new SIM card issued for your registered mobile number through the mobile service provider. With the help of the new SIM card fraudster gets URN/OTP & alerts required for doing financial transactions through your bank account.