Why Sim Swapping Scams are on the Rise and How You Can Stay Safe | Global News Avenue

SIM swapping allows fraudsters to obtain your mobile phone number and any incoming messages you receive. This can make it easier for them to break into your accounts, including your bank account, using two-step verification codes sent to your number.

What is SIM swapping?

Your phone’s Subscriber Identity Module (SIM) card is the computer chip that the phone needs to work. The SIM card contains information that your mobile phone carrier uses to ensure that you are authorized to send and receive text messages or make calls.

SIM swapping is when malicious actors trick your cell phone carrier into connecting their Use your mobile phone to connect to the Internet your SIM card information. In effect, they steal your mobile phone number and network access, allowing them to make and receive calls or text messages just like you.

How SIM card swapping works

SIM swapping doesn’t rely on physically stealing your SIM card and placing it in a new device. Instead, criminals use social engineering tactics. For example, they might call your phone provider and make them believe they are you and that your SIM card is damaged. Your provider will then activate a new SIM card for the fraudster and grant them access.

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

This type of scam is becoming more and more popular. The FBI reported 1,611 SIM swap scams in 2021, with scammers stealing $68 million. This is an increase from 2018 to 2020, when there were 320 attacks and $12 million in losses.

How to identify a SIM card swap

There are many signs that you may be a victim of SIM swapping.

• you lose ability Make a call or send a text message.
• you get Notifications about your phone being used elsewhere Or your number is added to a new device.
• you Unable to log in to your financial account.
• you find Unauthorized transaction In your financial account statements.

Setting up alerts for your financial accounts is critical as it can help you identify fraudulent transactions faster.

How to prevent and combat SIM card swapping

The best thing to do when it comes to SIM swapping scams is to take precautions to protect yourself from such scams. Basic online security tips, such as using strong and unique passwords for your mobile accounts and being wary of phishing emails, will help keep you safe.

You should also avoid relying on SMS-based two-factor authentication and instead use a more secure authentication app such as Google Authenticator.

Steps to take if you are a victim of SIM swapping.

• Contact your phone provider now and submit a SIM swap claim. Some providers offer online forms or hotlines you can call even if your phone doesn’t have a working SIM card.
• Check your financial accounts. If you see any fraudulent transactions, report them to your bank.
• If you are not 100% sure that 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 Freeze your credit to limit future attempts to fraudulently use your information.

bottom line

SIM swap scams allow scammers to obtain your mobile phone number and then use it to log into your important financial accounts. Please follow online security tips, take steps to prevent these attacks, and be prepared to respond quickly if you fall victim to an attack to prevent damage as much as possible.