Why Sim Swapping Scams Are On The Rise And How You Can Stay Safe

SIM swapping gives fraudsters access to your cell phone number and any incoming messages you receive. That can make it easier for them to hack into your accounts, including your bank account, using two-factor authentication codes sent to your number.

Key Takeaways

• SIM swapping attacks give criminals access to your cell phone number.
• They can use this number to receive texts intended for you, which gives them access to two-factor authentication codes.
• These codes can help them do things like steal your identity and access your financial accounts.

What is SIM Swapping?

Your cell phone’s subscriber identity module (SIM) card is a computer chip that your phone requires to work. SIM cards contain information that your cell phone carrier uses to ensure you have permission to send and receive texts or make calls.

A SIM swap is when a malicious actor tricks your cell phone carrier into connecting their cell phone to the network using your SIM card’s information. Effectively, they steal your cell phone number and network access, letting them make and receive calls or texts as if they were you.

How SIM Swapping Works

SIM swapping does not rely on physically stealing your SIM card and placing it in a new device. Instead, criminals use social engineering strategies. For example, they may call your phone provider and convince them that they are you and that your SIM card is damaged. Your provider will then activate a new SIM card for the fraudster, giving them access.

They may also use phishing techniques, sending you malicious emails that trick you into giving up the info that they can then use to get the carrier to activate a new SIM card.

These kinds of scams are growing more popular. The FBI reported 1,611 SIM swap scams in 2021, with the scammers pilfering $68 million. That’s up from 320 attacks and $12 million in losses from 2018 through 2020.

How to Recognize SIM Swapping

There are a number of signs that you might be the victim of a SIM swap.

• You lose the ability to make calls or send texts.
• You get notifications about your phone being used somewhere else or your number being added to a new device.
• You can’t log in to your financial accounts.
• You find unauthorized transactions in your financial account statements.

Setting up alerts for financial accounts is key as it can help you identify fraudulent transactions more quickly.

How to Prevent and Fight SIM Swaps

The best thing to do about SIM swap scams is to take preventive measures to protect yourself from them. Basic online security tips like using a strong, unique password for your phone account and watching out for phishing emails will help keep you safe.

You should also avoid relying on text message-based two-factor authentication, instead using an authentication app like Google Authenticator, which is more secure.

Steps to Take If You Are a Victim of a SIM Swap.

• Contact your phone provider immediately and file a SIM swap claim. Some providers offer online forms or have a hotline you can call even if your phone does not have a working SIM card.
• Check your financial accounts. If you find any fraudulent transactions, report them to the bank.
• If you’re not 100% certain the scammer no longer has access to your text messages, turn off text-based two-factor authentication and create new, strong passwords.
• After dealing with the immediate threat, consider signing up for identity theft monitoring and freezing your credit to limit future attempts at using your information fraudulently.

The Bottom Line

SIM swap scams give fraudsters access to your cell phone number, which they can then use to log in to your important financial accounts. Take steps to prevent these attacks by following online safety tips and be ready to respond quickly should you fall victim to an attack to prevent as much damage as possible.