Sim card scams are nothing new, but according to the FBI, they are growing in occurrence. In fact, according to the FBI, victims lost $68 million to this scam in 2021, which is more than five times the amount lost in the three years before it combined. This means that it is crucial to take steps to protect yourself, and here is how.
How Sim Swapping Works
There are a few steps that scammers take to perform this scam work, and it is important to know them so you can take steps to prevent it. First of all, the scammer needs to acquire a few personal details about the potential victim, and they will generally do this through phishing emails or purchasing information stolen by others off of the dark web.
After collecting the details they need, they will use this information to contact the victim’s cell service provider under the guise of being the victim and report that their SIM card has been stolen. Though some cell providers use PINs that only the customer should know, many times, a scammer can convince the service representative that they have simply forgotten theirs. In other cases, phone company employees have been found to be in on the scam themselves.
If this stage of the scam works, the scammer will now ask for the victim’s cell phone number to be transferred to their own device. This will then allow them to use two-factor authentication to access the victim’s accounts. From here, the scammer can steal…