Here is another scam I was made aware of:
SIM swapping is a type of identity theft where a fraudster impersonates you to a mobile carrier and tricks them into transferring your phone number to a SIM card they control. Once the transfer is complete, your phone will lose service, and the fraudster can intercept calls and texts, including two-factor authentication codes, to access and drain your online accounts, such as bank and email accounts.
How SIM swapping works
- Information gathering: Fraudsters use phishing scams, malware, or publicly available information to gather enough personal data to impersonate you.
- Contacting the carrier: They contact your mobile provider and, by posing as you, request to transfer your phone number to a new SIM card, often under a false pretense like a "lost" phone.
- Disabling your service: When the transfer is successful, your original SIM card is deactivated, cutting off your phone service and your ability to receive calls and texts.
- Intercepting authentication codes: The fraudster now receives all calls and texts sent to your phone number. This allows them to intercept one-time passcodes and reset passwords for your online accounts, including banks, social media, and cryptocurrency platforms.
- Accessing accounts: With access to your accounts, the fraudster can then steal money, sensitive information, or commit other forms of fraud.
How to protect yourself
- Use strong passwords and multi-factor authentication:
- Use a unique and complex password for your mobile carrier account.
- Set up multi-factor authentication (MFA) on your accounts, but prefer using an authentication app (like Google Authenticator or Authy) over SMS-based codes whenever possible, as this makes them harder for fraudsters to intercept.
- Limit sharing personal information: Be cautious about what you share online, especially on social media, as this information can be used to answer security questions.
- Contact your carrier: If you notice your phone has no service, contact your mobile provider immediately from a different phone to report the unauthorized SIM swap.
- Monitor your accounts: Keep a close eye on your bank and other online accounts for any suspicious activity.
- Respond to notifications: If you receive a text from your carrier stating your SIM has been changed but you didn't request it, use another phone to immediately contact your carrier to stop the process.
