There are all sorts of scams out there that we need to protect ourselves from, and the one that’s particularly on the rise right now is known as SIM swapping.
This type of scam takes control of your phone number and makes everything from receiving calls and texts to accessing your banking information an absolute nightmare.
Here’s what to know about the SIM card swap scam. (Kurt Knutson)
What is a SIM card?
A SIM card, or subscriber identity module card, is a small card that contains a chip and is placed inside every smartphone. The SIM card is what allows you to receive calls and texts on your phone. Without a SIM card, smartphones would only be used to access the Internet on a Wi-Fi network or take photos and videos.
How do SIM swap scams work?
The reason criminals would want to access your SIM card is because it gives them full control over your phone number. They start by gathering as much information about you as possible. They could make it through social networks harassment, data collection via phishing emails, buying your personal and financial information on the dark web and more.
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Once they believe they have enough information about you, they call your telephone company and impersonate you. They inform the operator that the SIM card of their (your) phone is lost or damaged so that the operator activates a new card in the possession of the scammer.
When this happens, your phone connects to the scammer phone instead of your phone, and all your calls and texts will go directly to them for you.
Once crooks gain control over your phone number, they can access your bank, email, or social media accounts by receiving codes and password resets right on their phone. They might even set up a second bank account in your name to gain more access to your funds. An attacker can then use this access to steal your money or engage in other criminal activities.
How do I know if I am the victim of a SIM card swap?
Here are some key clues that could tell you that you have been the victim of SIM card swapping fraud:
- You cannot make calls or send text messages: Your phone will not allow you to send text messages or make calls without a SIM card. So, if your SIM card is no longer connected to your phone, you will start getting error messages every time you try to perform any of these actions. This is the first warning sign that you might be a victim of SIM swapping.
- You are notified of suspicious activity: Your phone company can notify you when a new SIM card has been activated. If you haven’t authorized it, it’s a scam.
- You cannot access your accounts: If your login credentials no longer work for any of your bank and credit card accounts, the scammer may have already gained access to those accounts and changed the information.
- There are suspicious transactions on your bank accounts: If you’re able to check your bank and credit card accounts and notice transactions you don’t remember, you could be a victim of SIM card swapping.
How can I protect myself against SIM swapping?
- Be very careful when you are online: Whether you’re posting on social media or skimming through your emails, you need to be careful about the information you put on the web. Never share personal information or Bank information online and always be on the lookout for suspicious phishing emails.
- Account Security: Make sure any account linked to your phone has a strong, unique password and answers to security questions that only you know.
- Have a PIN: Always choose to have a PIN code for your communications if it is an option offered by your telephone operator.
- Authentication apps: It is better to have 2-factor authentication wherever it is offered, including for your bank accounts, emails and any other private accounts you have.
- Bank and mobile operator alert: If your bank offers alerts whenever there is activity on your account, or if your phone company offers to give notifications whenever a new SIM card is activated, always opt for these options.
- Behavioral Analysis Technology: Some banks may use technology that analyzes customer behavior to help them discover compromised devices. Check if your bank offers it.
- Reminders: Some organizations call back customers to make sure they are who they say they are. Ask if your bank, phone company, credit card company, and any other organizations important to you offer this option.
- Always protect your personal information and keep it private: Beware of unsolicited phone calls or messages asking for personal information.
- Invest in good identity theft protection to provide you with suspicious activity alerts, monitor credit reports, and offer tools to help you recover from identity theft. See my tips and top picks on how to protect yourself from identity theft by searching ‘identity theft‘ on CyberGuy.com by clicking the magnifying glass icon at the top of my website.
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Tell us if you were hurt by the SIM card swap. (Kurt Knutson)
Have you been the victim of a SIM swap scam? Tell us about your experience.
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