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SIM Swap
(Cellular Identity Theft)
SIM swapping is a fraud where criminals transfer a victim's phone number to a new SIM card to bypass SMS-based two-factor authentication (2FA) and access financial accounts. This growing threat caused $68 million in losses in 2022 according to FBI data.
Attackers first gather PII through phishing or data breaches, then convince carriers to port the number. High-profile crypto investors have lost millions to SIM swaps targeting exchange accounts. Protection measures include: using authenticator apps instead of SMS 2FA, setting carrier PINs, and freezing credit. Financial institutions are moving away from phone-based verification due to SIM swap risks, with 45% of banks now offering hardware security keys as a more secure alternative.
Attackers first gather PII through phishing or data breaches, then convince carriers to port the number. High-profile crypto investors have lost millions to SIM swaps targeting exchange accounts. Protection measures include: using authenticator apps instead of SMS 2FA, setting carrier PINs, and freezing credit. Financial institutions are moving away from phone-based verification due to SIM swap risks, with 45% of banks now offering hardware security keys as a more secure alternative.