SIM swap fraud has grown in popularity recently. With there being over 7 billion smartphones in the world, accounting for around 80% of the population, it’s a scam that seems like an easy win for scammers. Smartphones hold so much private data, making them a goldmine for fraudsters who can use this information to steal money and other assets. The attacks on these mobile phones often go unacknowledged until it’s too late, as people are unaware of how to prevent sim swap scams.
Recovering from SIM swap scams can be difficult due to how financially and socially damaging they can be. This is why people must be made aware of how these scams happen so that they can be better protected against them.
In our latest WRS blog, we will explore the dangers of SIM swap scams to make you more prepared if you become a victim of one of these scams.
What is a SIM Swap?
SIM swap fraud involves a scammer gaining control of your phone number by stealing the victim’s identity to trick mobile service providers into porting the number to the SIM card in their possession. This can lead to the scammer being able to control your whole device, as they can bypass the SMS-based two-step authentication processes. They will then be able to access any application and account that uses your phone number as part of the login process.
These SIM card scams can be very damaging to your social life, as fraudsters can gain access to your mobile contacts, email and social media pages. This gives them free reign as to what they want to do with this information, as they could seriously damage your social reputation with people you care about. They can also use this as a form of blackmail to gain monetary compensation, or even as bargaining chips as they sell off your private information.
The main goal of these SIM swap scams is to gain as much money as possible. Scammers will be able to access your bank accounts, credit card information, cryptocurrency wallets and more. Once they are into these, they can take as many assets from you as they want without any immediate repercussions and sometimes without the victim even noticing.
How to Spot a SIM Swap Attack
At first, SIM swaps can be difficult to identify as the signs can cause confusion as to what is actually happening. However, they soon become easy to identify once you know the telltale signs and they become obvious very soon after the attack has happened. There are some signs that you should watch out for, including:
- Unusual Notifications: Mobile phones that are being targeted will usually receive text messages and calls, such as two-factor authentications that you had nothing to do with. Speaking to your service provider immediately is recommended to get to the bottom of what’s happened.
- Locked Out of Accounts: If you notice that you have been locked out of any of your accounts for no reason, you should contact customer service of that account to find out why this has happened.
- Unrecognised Transactions: Any transactions that you don’t recognise are a sign that somebody has been using your bank account or information to purchase goods. This should be reported to your bank immediately.
- No Phone Service: Although it’s normal to lose phone service, if it happens for no known reason, it could be because the SIM card has been deactivated. This could be a sign that a SIM card scam has occurred.
- Social Media Posts: Any social media posts on your account not posted by yourself should be given instant attention. It could be the case that a SIM card scammer has been able to access your account.
How to Prevent a SIM Swap Attack
While being able to notice when a SIM swap scam has taken place is very important, being able to prevent the scam from happening is even more vital. There are several actions you can take to protect your mobile phone from being a victim of a SIM card scam, such as:
- Authenticator Apps: Avoiding the phone number two-factor authentication and instead using an application can save you from potential SIM swap fraud.
- Don’t Link Accounts to Your Phone Number: Some applications will ask for you to associate a phone number with your account. You should be able to skip this option if you are weary about SIM swap scams.
- Add Phone Account Security: The majority of phone companies will let account holders add extra security to their accounts via unique passwords, security questions and thumbprint authentication.
- Avoid Talking About Your Assets: Scammers have more chance of targeting someone with a SIM scam if they are aware of the amount of assets they own. Posting about it on social media can make you a target.
- Be Aware of Scam Tactics: You should make yourself aware of what scam texts, phishing emails and suspicious links look like so that you can avoid accidentally sharing your private information.
Protect Yourself from SIM Scams
Protecting yourself from SIM swap scams is crucial, as once you become a victim it’s a surefire way to lose your personal information, money and assets. Understanding how these scams work, how you can notice them and how to prevent them will help you from any potentially serious losses.
Get in touch with our experienced team at WRS if you feel as though you or your family have been a victim of a SIM swap scam, or have any questions about keeping your SIM and phone number safe from fraudsters.
