SIM Swap Fraud

SIM swap fraud, also known as SIM splitting, port-out fraud, or SIM jacking, is a sophisticated form of identity theft in which a perpetrator manipulates a mobile carrier's staff into transferring a victim’s mobile phone number to a new SIM card that is in the control of the fraudster. This is often accomplished through social engineering techniques, where the fraudster poses as the legitimate account holder and provides personal information to pass security checks.

Once the mobile number is successfully ported to a new SIM card, the fraudster gains control over the victim’s mobile phone services, including incoming calls and SMS. This allows unauthorized access to any account that uses SMS-based two-factor authentication (2FA). By intercepting these messages, the fraudster can bypass security on a range of accounts, including banks, email services, and social media platforms, potentially leading to unauthorized transactions, identity theft, and significant financial losses for the victim.

SIM swap fraud is particularly dangerous because it exploits the reliance on mobile phones for security in personal and financial digital services. The impact can be severe, compromising not only financial accounts but also personal data, leading to long-term identity theft issues.

Prevention of SIM swap fraud involves both consumers and mobile carriers taking proactive steps. Consumers should safeguard personal information, regularly update passwords, and be cautious of phishing attempts. Mobile carriers are encouraged to implement stricter security measures for SIM card changes, including requiring additional verification steps that go beyond standard personal information. Awareness and education about the risks and signs of SIM swap fraud are also crucial in mitigating this type of cybercrime.