What Is SIM Swapping?
SIM swapping is a type of identity theft where scammers take control of your phone
number by tricking your mobile carrier into transferring it to a new SIM card.
Once they have control of your number, they can receive your calls and messages,
including two-factor authentication (2FA) codes, giving them access to your online
accounts.
How Does SIM Swapping Work?
Here's a step-by-step look at how a typical SIM swapping attack unfolds:
Gathering Information: Scammers collect personal information about you from various
sources, such as social media, data breaches, or phishing attacks.
This information can include your full name, phone number, address, and even answers
to security questions.
Contacting Your Mobile Carrier: Using the gathered information, scammers contact your mobile carrier, posing as you. They may claim that your phone was lost or damaged and request a new SIM card to be activated.
Gaining Control: Once the transfer is complete, scammers receive all your calls and text messages. This includes 2FA codes sent to your phone, which they can use to access your online accounts, including cryptocurrency exchanges and wallets.
Stealing Funds: With access to your accounts, scammers can transfer your cryptocurrency to their wallets, effectively stealing your digital assets.
How to Protect Yourself from SIM Swapping Attacks
Taking proactive measures can significantly reduce the risk of falling victim to SIM swapping attacks. Here are some effective strategies:
- Strengthen Your Mobile Account Security
- Use a Strong PIN or Password: Set a unique and strong PIN or password for your mobile carrier account. Avoid using easily guessable numbers like birthdays or sequential digits.
- Enable Additional Security Features: Many carriers offer extra security options, such as security questions
- or account lock features. Take advantage of these to add another layer of protection.
- Avoid Sharing Personal Information: Be cautious about the information you share online, especially on
- social media. Scammers often use publicly available information to carry out SIM swapping.
- Enable Two-Factor Authentication (2FA): Always enable 2FA on your accounts. Where possible, use
- authentication apps like Google Authenticator or Authy instead of SMS-based 2FA, which is vulnerable to SIM swapping.