8 Simple Steps To Prevent SIM Swap Fraud

SIM swap fraud, often called SIM hijacking, is a form of account takeover where criminals gain access to a victim's phone number. This allows them to assume control over the victim's mobile identity, enabling unauthorized access to personal online accounts tied to the number.

How SIM Swap Scams Work

Fraudsters use various tactics to pull off SIM swap schemes. One common method is social engineering, where the criminal poses as the victim and convinces the mobile carrier to transfer the victim's number to a SIM card they control. In other cases, they bribe a carrier employee to perform the switch. Additionally, scammers may use phishing attacks to trick employees into downloading malware, allowing them to hack into carrier systems and execute the SIM swap themselves.

After the SIM is swapped, the victim's calls, texts, and data are redirected to the criminal's device. With this control, scammers can trigger "Forgot Password" requests for the victim's email and other online accounts associated with the victim's phone profile.

Most SIM swappers are driven by financial gain, typically focusing on their victims' online banking and cryptocurrency exchange accounts. Their goal is to steal funds and digital assets while locking victims out by changing account passwords.

Between January 2018 and December 2020, the FBI's Internet Crime Complaint Center received 320 SIM swapping complaints, resulting in losses of around $12 million. In 2021, IC3 saw a significant rise in cases, with 1,611 complaints and losses exceeding $68 million.

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In March 2020, Europol announced the arrest of suspects involved in two criminal gangs responsible for stealing millions through a series of SIM swapping attacks.

At the beginning of 2021, authorities dismantled a network of SIM swappers believed to have stolen over $100 million in cryptocurrency from thousands of victims, including several US celebrities.

Last year, hackers stole data from 54 million individuals in a series of SIM swap attacks that impacted hundreds of T-Mobile customers. The US telecommunications provider reported the data breach in August.

The profitability of SIM swapping attacks has drawn the attention of organized crime. Europol reported that a large network of cyber criminals connected to the Italian Mafia conducted these attacks, resulting in over €10 million in profits.

6 Signs You Have Been SIM Swapped

Being aware of the warning signs can help you protect your identity. Below are key indicators that your SIM may have been compromised:

1. Your phone suddenly loses signal or cannot make calls.
2. You are locked out of accounts that are usually accessible through your phone, such as banking, social media, or email accounts; investigate further.
3. Unexpected changes in your online accounts, such as password reset requests or notifications you did not initiate.
4. You receive texts or emails from your mobile carrier about changes to your account that you did not authorize.
5. Your contacts receive strange messages from you that you did not send.
6. Unfamiliar account access alerts from services you use about logins from unfamiliar devices or locations.

How To Protect Your iPhone And Android From SIM Swapping

The following eight tips can help you protect your personal information and reduce the risk of SIM swapping attacks:

1. Stay alert to any disruptions in your SMS connectivity, as it could indicate a potential SIM swap attempt.
2. Refrain from sharing personal information like your phone number, address, or other identifying details online.
3. Avoid sharing information about financial assets, such as cryptocurrency ownership or investments, on social media or other online platforms.
4. Never give your mobile account details, password, or PIN over the phone to anyone claiming to be a representative. Instead, verify the call by contacting your mobile carrier directly through their customer service line.
5. Use different, unique passwords for each of your online accounts.
6. Avoid saving passwords, usernames, or other login details in mobile apps for quick access.
7. Opt for robust multi-factor authentication methods like biometrics, physical security tokens, or standalone authentication apps to secure your online accounts.
8. Set up a SIM card lock with a PIN to add an extra layer of security against unauthorized SIM swaps.

If you suspect that you are a victim of SIM swapping, act quickly. First, contact your mobile carrier to regain control of your phone number. Then, access your online accounts and change your passwords. Reach out to your financial institutions to place an alert on your accounts, keeping an eye out for any suspicious login attempts or transactions. It is also important to report any suspicious activity to your local law enforcement agency.