The FBI is warning the public about a sudden spike of phone scam cases this February. Smartphone users are advised to practice extra caution against SIM swapping schemes.
For reference, the phone scam and SIM-swapping complaints recorded between January 2018 to December 2020 only amounted to 320 reports. Victims in these cases lost approximately $12 million in total.
In comparison, the FBI Internet Crime Complaint Center recorded 1,611 complaints and $68 million losses in 2021. It is important to note that the number more than tripled in less than a year.
Phone Scam Strategies: What Is SIM Swapping?
MoneyTalksNews clarified the scam strategy called sim-swapping. This scam ultimately aims to gain access to sensitive information from the victim’s phone through their personal number. Scammers often use one of three tactics during the scam:
- Social Engineering: A malicious actor impersonates a victim and fools the mobile carrier to transfer the SIM number to a controlled device. This way, the scammer can receive all the victim’s text messages.
- Insider Threat: Notably, this scheme shares the same conclusion as the first tactic. Their difference lies in the hacking strategy, where a schemer pays a mobile provider to switch the numbers instead of fooling them.
- Phishing Techniques: This is the most common strategy for hacking in which malicious actors infect mobile carrier systems with malware to gain…
