SIM swap attacks are becoming increasingly common and have added to the growing number of scams which are affecting everyday people. Simply put, SIM swap scams are when a criminal convinces your mobile phone providers to transfer your number to a new SIM card which belongs to them, allowing them to use your mobile number in an attempt to gain access to other platforms by hijacking 2-factor authentication (2FA) and generating new passwords.
There are many problems which can come from SIM swap scams, not least the danger it puts you and your personal information in. Learning more about what a SIM swap scam is and how you can prevent yourself from falling victim to this scam is vital. With that in mind, let’s take a look at what a SIM swap scam is.
What Is A SIM Swap?
A SIM swap is when a cybercriminal tricks an unsuspecting phone user and switches their service from their current SIM to one of which they have control instead. Essentially, they are hijacking a phone number. The main aim of this is to exploit two-factor authentication which is used to protect a number of platforms and accounts, such as bank accounts. It’s a growing trend which investment fraud attorneys are seeing more and more of.
SIM swaps happen as each SIM card has its own unique identifier, which is how the mobile networks verify their subscriptions to the right device. For victims of SIM swaps, they will find that their account is linked to an alternative SIM card and any incoming traffic is diverted to another SIM – usually one which the criminal has access to.
Is SIM Swap Fraud?
Also known as simjacking, SIM swapping is a form of identity theft and comes from the criminal successfully phishing you and your personal information. It is a type of fraud and is done with the goal of stealing money or other sensitive information from the victim.
What To Look Out For With SIM Swaps
You Can No Longer Make Calls Or Texts
One of the first signs that you’ve fallen victim to a SIM swap is that you can no longer make calls or texts from your device. This will mean that the criminals have deactivated your SIM card and are attempting to use the phone number associated with it.
Activity On Other Platforms
As with trading scams, one of the first signs you’ve fallen victim is if you receive notification of activity on another platform. If your phone number is linked or used as a security authentication code elsewhere, you may get notified that it has been used to access another platform.
Losing Access To Accounts
If you find that your login credentials, including your usual mobile phone number, are suddenly no longer working for you to access your account, then it may be that the scammers have successfully traded the number from your current sim to one under their control. If this happens, then you must contact your bank, or account provider, as soon as possible.