Yesterday, I listened about caller-id spoofing and was left astonished as its misuse can result in severe consequences for victim.
Please tell me how to protect myself from this prank and is there anyway to recognize that it is a fake call?
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You've already taken the most important first step to protecting yourself, and that it to recognize that caller-id information can be spoofed, and is not entirely trustworthy. The second step is to apply that knowledge, and stop relying on caller-id. If someone calls you and asks for personal information, even if the caller-id appears to be the legitimate number for an organization you trust, don't assume that it's true. Call them back at a number that you can independently verify is correct.
As to recognizing when caller-id is being spoofed, generally no, you can't. If there were a fail-safe way to do this, then swatting would be impossible, and we know from experience that it is not.