Internet Banking risks - Phishing, Vishing & now SIM-swap frauds

ICICI Bank has been running a Customer Education Series in Indian newspapers & they are one of the few Indian banks that bother to educate the public about banking facts that are not generally known. The columns in the series are available on the Web only as PDFs (AFAIK) & they do not seem to be easily reachable.

I've heard of Phishing & Vishing, but SIM-swap fraud was news to me. Excerpt from a today's column on SIM-swap fraud -

Your mobile phone is now also a convenient banking channel; but it can make you vulnerable to SIM-swap fraudsters if you do not take some simple precautions.

How do SIM-swap frauds occur?
• The fraudster obtains your mobile phone number and bank account details through a phishing e-mail.
• He asks your mobile-phone-service provider for a replacement SIM card under some pretext, like changeover to a new handset or loss of SIM/handset.
• The service provider deactivates your SIM card and gives him a replacement SIM.
• The fraudster introduces a payee into your bank account using the phished data, transfers funds from your account to his and withdraws the money through an ATM.
• All this while, your service provider's alerts don't reach you because your SIM card has been deactivated.

What are the safeguards that should be taken?
• Never respond to phishing e-mails.
• Do not disclose your mobile phone number on websites.
• Change your banking passwords frequently.

If you find your mobile number inactive for an unusually long period or abruptly barred from calls; or if it displays limited access or says the SIM is inactive; contact your service provider without delay and find out the reason.