What is SIM Swapping Attack? How to Prevent this Scam?

December 4, 2024 By Nancy William No Comments 6 minutes

The rise in cybercrimes or scams increases every day, minute, and second. Most people aren’t often aware of the various kinds of scams around them, and that includes the SIM swapping scam. It’s one of the largest cybercrimes that are very frequently induced without your phone ever leaving your site. So, if you’re wondering “what is SIM swap attack” and how to stop SIM swapping, this guide will show you precautionary measures.

SIM SWAPPING ATTACK SCAM

Note – There are many scams online, and each one damages your device, data, identity, and online privacy. For this reason, we always recommend using FastestVPN to encrypt your connection and maintain online security.

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What is a SIM Card?

A SIM card is a chip that is inserted into your smartphone. Every SIM card chip has a particularly assigned identification number. This allows the chip to store all information regarding your network name, the subscription data plan, how much data is left, the number of text messages and voice minutes still left, and more. This helps all carriers verify the information of every account holder and their account status. In accordance, charges or fees are applied.

What is a SIM Swap Attack?

As mentioned, when you get a SIM card, the one you choose has a unique identifier. This is the way mobile network carriers identify and verify the kind of subscriptions users have. For example, a well-known US service provider called Verizon and AT&T.

However, regardless of which SIM card provider people use, they often encounter SIM swapping scams. It’s not related to your actual smartphone being swapped but rather your SIM card getting linked to another SIM card.

This SIM swap scam occurs when cybercriminals hold your phone hostage, tricking all your SIM service providers to connect your cell number to a SIM card owned by the perpetrator. The SIM swap attacks allow hackers to gather all sensitive information linked to your phone number and device.

SIM Swapping Surge

Here’s a quick view of the SIM Swap scam surges between 2018-2024:

2018–2020: between the years 2018 and 2020, the FBI reported almost more than 320 SIM swap complaints. This resulted in the loss of approximately $12 million.
2021: the rate of SIM swap crimes surged from 320 to a whopping 1,611. The financial losses sparked to a mega $68 million.
2022: as the years progressed, the rate of SIM swap cyberattacks grew. By 2022, it reached $72 million in losses.
2023: the SIM swap reports reached over 1,075, with massive financial losses exceeding $50 million.

The states of 2024 haven’t entirely been specified, but it can be said precautionary measures are more at large today.

How Does a SIM Swap Scam Work?

SIM cards are small, programmable cards that store unique information, enabling mobile carriers to verify a user’s identity and provide network access. Users can move SIM cards between devices for reasons like upgrading phones or international travel.

However, SIM swap fraud takes advantage of this feature by tricking carriers into reassigning a phone number to a new SIM card controlled by a scammer.

This process reroutes all calls, texts, and voicemails to the fraudster’s device. By intercepting security codes, such as one-time passwords (OTPs), criminals can pose as victims to access sensitive personal, financial, or business accounts, including banking platforms and social media profiles.

Signs of a SIM Swapping Victim

In case you’re wondering, here are some signs to look out for to recognize whether you’re a victim of SIM swapping:

You can’t make or receive calls and texts: If you’re unable to send texts or make calls, it may be an early indicator of SIM swapping. This issue often arises when fraudsters disable your SIM card and take control of your phone number, using it to conduct fraudulent activities.
Lost access to your accounts: when you’re a victim of SIM swapping, your device is taken over by the attackers’ device. This way, you might lose access to your media accounts, banking apps, and more.
Suspicious activity: the attacker uses your swapped number to operate other fraudulent acts, making new targets through your name.
Unauthorized payments: if you get suspicious credit card statements of items you haven’t bought, this is also a sign that your credit accounts are being handled.

How to Prevent SIM Swapping Attack?

The rate of SIM swapping is high, and there are ways to prevent it. Here are a few protection methods:

Out of the ordinary behavior: ensure that you are aware when you receive emails or calls that are suspicious. Some SIM swap attacks are through phishing emails, calls, messages, and other ways. It’s how an attacker can access your device with a swapped number and cause further damage by using your cellphone number. In short, never click on random links or respond to unknown calls, providing the hacker with private information.
Authentication apps: consider using some authentication apps rather than just your phone number for verification.
Boost security on accounts: it’s important that all the accounts on your cellphone are protected by strong passwords or 2FA security. However, ensure that only you know the codes and answers.
Activate PIN codes: consider setting up a separate PIN code for each communication app. It helps offer an extra layer of protection to your device and data.
Behavioral analysis technology: some banks often use technology that helps analyze and indicate whether a user’s accounts have been compromised.
IDs: your phone number is not the only thing you need to keep safe. Ensure that your messages and calls are all encrypted and password-protected.
Bank call-backs: it helps if the banks call up the users to confirm whether it was they who made some transactions.

Frequently Asked Questions

Is SIM swapping still happening?

Even though SIM swap attacks have become quite well known over the years, they still take place even today. It’s one of the quickest scams that usually attack those with Coincase accounts.

What does SIM swapping do?

The process of SIM swapping occurs when the hijacker or perpetrator sleekly convinces your mobile carrier to shift or transfer your phone number to another SIM card that the hacker owns. When this happens, all your texts are transferred to the other device, including giving the hackers access to your phone.

How do I know if I was SIM swapped?

There are a few signs. Firstly, you stop receiving calls or messages that you usually get regularly, or your service providers contact you stating that there was a suspicious login from another device. These little tip-offs should be warning enough that a SIM swap is taking place.

Is there a SIM-swapping app for security?

No, there isn’t any SIM-swapping app available for security reasons. However, if you’re looking for an app that aids in preventing these attacks, consider using an authenticator app that offers two-factor authentication.

Does SIM swapping crypto attacks take place?

Yes, very much so. The most common SIM swap attacks target Crypto accounts. When this happens, cryptocurrency accounts can be compromised.

To Conclude

You now know what SIM swapping is and how to prevent SIM swap scams. I’ve also highlighted ways to detect whether you’re a victim of this cybersecurity attack. Other than that, it’s also wise to never share sensitive data with anyone, despite how close you are to the person. When entering apps that require sensitive information, consider connecting with FastestVPN. It helps encrypt your connection, secures your devices, and adds privacy to your digital footprints.