We all know that scams have always existed. However, technological advances bring new types of fraud, and learning to protect yourself from them is important.
One of the most common nowadays is known as SIM swapping, a type of fraud carried out to steal funds, assets, and personal information.
Today, we explain in detail what it is, how it happens, how the scammers operate, and how you should protect yourself.
What is SIM swapping?
SIM swapping is a fraud technique that allows scammers to take control of someone else’s phone number in order to access the account of the rightful owner.
This type of attack is particularly dangerous because, once they have your phone number, they can go unnoticed until they have taken everything they are after.
For this reason, it’s necessary to understand how it happens, which we explain below.
How does it happen?
To get the victim’s phone number, scammers must convince the mobile service provider to switch the number to a new SIM card under their control. To do this, they use personal information obtained through techniques like phishing or data theft on social media.
This allows them to impersonate the victim’s identity, so they can transfer the number to a SIM card they control, gaining access to social media, investment platforms, banks, and more. But how exactly do they operate to obtain all this data? We explain below!
What is their modus operandi?
Here are the steps attackers follow to effectively carry out SIM swapping:
- Gathering personal information: Through multiple strategies, they collect all the personal information of the victim they need to proceed (everything that the phone service provider might request to change the SIM card).
- Contacting the provider: They use all the collected information to contact the phone provider, impersonating the victim’s identity.
- Number transfer: They request the transfer of the phone number to another SIM card, using excuses such as theft, loss, or misplacement.
- Access to accounts: Once they have the SIM card with the victim’s number, they can access accounts that have security methods linked to that number: banks, social media, investment apps, and more.
It’s crucial to know how these scammers operate, as it allows you to more easily identify and prevent this type of fraud. Below, we explain how to protect yourself from this threat with some effective recommendations.
Learn how to identify and prevent SIM swapping
- Set up a security PIN: This simple measure can prevent attackers from making changes without your permission.
- Enable multi-factor authentication: Use authentication apps instead of SMS to increase your security. We recommend Google Authenticator or Authy.
- Monitor your accounts: Stay alert for any suspicious activity in your accounts, especially if you suddenly lose signal on your phone.
We understand the importance of account security. Therefore, if you want to stay informed about different types of fraud, digital scams, and more, we invite you to visit Bitso’s Help Center to expand your knowledge on various security topics.
