SIM Swap Attack Facts

Your mobile phone could provide more ways for cyber criminals to access your financial accounts. SIM swap attack is when someon takes your SIM based two-factor authentication. By diverting your incoming messages, scam artists can easily complete the two-factor authentication checks that protect your accounts. They can even use your phone number to manipulate services into revealing your passwords.

SIM based two-factor authentication, requires the process of first providing your name and password and then receiving an access code from your bank in order for the log-in process to be complete. If criminals are able to change the SIM connected to your number, they can take control over the number and gain access to all the required, sensitive access codes. Knowing about this type of fraud is an important first step in protecting yourself against the potential risks.

SIM Swap Attack and Social Media

Social Media is often the ideal place for fraudsters to gather as much information about their victim, as possible. Information on your social media might just be the very thing to help them answer a security-based question for the authentication code requirements to access your financial accounts. One must therefore take the necessary measures to protect information on social media and at times, limit the amount of personal information you reveal on social-media platforms.

Boost the security of your phone and information

• Boost account security by using a strong password and personalized Q&As, so that you make it much more difficult for fraudsters to gain access.

• Don’t work your security exclusively around your phone number, this will make you far more vulnerable to SIM swapping attacks.

• Beware of unusual online activity and phishing emails with attachments that require sensitive, personal information. Legitimate companies don’t usually request personal information or account details via email.

Some organizations call back their customers to verify their identity and to proactively reduce the number of identity thefts. If someone is claiming to be a rep from an organization you deal with, call up the company directly to have the correspondence validated.