What is SIM Swap Fraud
SIM Swap Fraud occurs when fraudsters manage to persuade mobile carriers to transfer the telephone number of a victim to a SIM card in their possession, giving them access to sensitive information such as text messages and phone calls.
SIM Swap Fraud, also known as SIM Swap Scam, is a type of identity theft that occurs when a fraudster gains control over a victim’s mobile phone number by persuading a mobile carrier to transfer the number to a SIM card in the scammer’s possession. Once the fraudster has control of the phone number, they can access sensitive information, such as text messages, phone calls, and, often, accounts that use SMS One Time Passwords (OTPs) for two-factor authentication (2FA).
How Does SIM Swap Fraud Work?
Gathering Information: The fraudster collects personal information about the victim. This might involve phishing, social engineering, or acquiring information from data breaches. Key details may include the victim's name, address, phone number, or social security number.
Contacting the Carrier: Using the gathered information, the scammer contacts the victim's mobile service provider, impersonating the victim. They might claim they have lost their phone or need to upgrade to a new SIM card.
Sim Card Replacement: If the carrier is convinced by the scammer's impersonation, they will deactivate the victim's SIM card and activate a new one in the scammer’s possession.
Exploiting Access: With control of the victim’s phone number, the fraudster can intercept text messages and calls. This allows them to reset passwords and gain access to various online accounts, including email, banking, and social media.
Six Tips to Prevent SIM Swap Fraud
Secure Personal Information: Be cautious about sharing personal information. Avoid posting sensitive details publicly and be wary of unsolicited requests for personal data.
Use Strong, Unique Passwords: Employ strong and unique passwords for all online accounts. This makes it harder for fraudsters to gain access through other means.
Enable Two-Factor Authentication (2FA): Where possible, use methods such as Number Verify or One Time Passwords for 2FA protection.
Enable Takeover Protection: CM.com also offers a Takeover Protection service, which helps monitor and detect changes in the SIM card. This way, CM.com customers can check in real-time the last date the SIM was swapped or activated, and plan the next actions accordingly.
Monitor Accounts Regularly: Regularly check your financial and online accounts for any unauthorized transactions or changes. Promptly report any suspicious activity to your service providers.
Be Aware of Phishing Scams: Be cautious of phishing attempts via email, text, or phone calls that ask for personal or account information. Verify the legitimacy of any communication by contacting the company directly through official channels.
