What is SIM Swap Fraud?
SIM swap fraud is a type of scam in which a criminal convinces a phone company to switch a victim’s phone number to a SIM card the criminal controls. SIM swapping is used by criminals to access victims’ banking information and to hijack accounts, such as cryptocurrency accounts.
How Does SIM Swap Fraud Happen?
In SIM fraud, criminals use a variety of tactics to convince phone companies to transfer a victim’s phone number to a SIM card the criminal controls. This allows criminals to receive calls and text messages intended for the victim, including two-factor authentication codes.
The criminals may pose as the victim or use social engineering techniques to get the phone company to switch the SIM card. In some cases, criminals have gained access to the victim’s personal information or gained the cooperation of someone inside the phone company.
What is the Cost of SIM Swap Fraud?
SIM swap fraud can be very costly for victims. In some cases, criminals have been able to gain access to victims’ bank accounts and other valuable information. Victims can lose a significant amount of money, including savings and investments.
How Can You Protect Yourself from SIM Swap Fraud?
To protect yourself from SIM swap fraud, you should:
- Be aware of suspicious behavior or requests. Be cautious of anyone asking for your personal information, requests to reset your passwords or change your SIM card. if someone contacts you asking for this information, verify their identity and do not share any information until it is verified.
- Set up two-factor authentication. Two-factor authentication is an extra layer of protection that requires an additional step to access your accounts. Make sure to only use two-factor authentication when access important accounts, like banking apps and cryptocurrency wallets.
- Monitor your accounts regularly.Check your accounts regularly for suspicious activity, such as unexpected transactions or password changes. Be sure to contact your bank immediately if you find anything suspicious.
SIM swap fraud can be a devastating experience for victims. By taking the steps above, you can protect yourself from falling victim to SIM fraud.