KNOW ABOUT SIM CARD SWAPPING FRAUD

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Whenever you purchased a new smartphone. I am sure that one of the first things you do is insert your sim card on your smartphone because sim cards store your contacts or other pieces of data and it can connect to the networks to make and receive calls or SMS. Also our phone number is a way of identifying us in other services we use daily. That's why we are using a sim card.

But if your sim card is linked to your social media, emails, bank accounts or you are using a 2FA (two-factor authentication) services to protect your accounts and to ensure that if you forget your password so you can set a new password. It's like you are using your sim card as a key to your accounts. Some of you already know that our digital accounts work like a magnet for cybercriminals and if your SIM card gets duplicated or someone takes it temporarily that means all the accounts linked to your sim card is becomes in higher risk. So in this article, you learn about, How hackers clone your sim card? and How you can protect yourself from it?

What Is Sim Swapping Fraud?

SIM swaps are a lawful work that happens daily at sim card companies around the world. A SIM swap is used, by a telephone service provider to transfer a user existing mobile phone number to a new SIM card and phone. Unfortunately, cybercriminals have learned to use SIM card swapping to turn a profit. First, they steal information like your full name, address, phone number, DOB, using social engineering and phishing technics, purchase the data from the dark web to get the needed details or try to generate UPC code, but it needs physical access to your phone. Then they use social engineering technic rather than technical vulnerabilities so they can manipulate phone company's employees or victim users to transfer a phone number to a SIM card controlled by them.

It seems dangerous. But it’s here where things get much worsed.

After successfully completing the swapping process cybercriminal try to found accounts linked to the victim's mobile numbers and verify the user's identity by sending a one-time password to bypass two-factor authentication (2FA). This is an easy way of resetting forgotten passwords, it also helps cybercriminals to gain access to all the accounts linked to a mobile number.

Signs You May Be a Victim of SIM Swapping Fraud

• Unable to make or receive calls or text messages: If suddenly your device having no network or signals. It is possible that fraudsters have deactivated your SIM and are already using your number.

• You’re Notified of Activities Elsewhere: If you are getting notifications of your bank transactions via mail or the new network service provider notifies you that your SIM card swap or porting process will soon be complete and the new SIM will soon be activated. 

Ways to Protect Yourself Against a SIM Swap Attack?

• SIM Card Number: The 20 digits SIM number mentioned on the back the SIM card is important for SIM swap requests. Don't share it with anyone.

• Unique Port Request: Never share your phone with an unknown person because to generate UPC code, one needs physical access to your phone.

• Be cautious of warning signs: It includes loss of network, notification of activities elsewhere, etc. 

• Read Text Message Alerts: Network service provider,  always send text alert messages before SIM swap or port. That means you can stop fraudulent SIM swap attempts by contacting your network operator immediately. Don’t skip or ignore alert messages for more than a day.  

• Use Multi-Factor Authentication: Don't make your entire account security depend on your phone number. You may use authentication apps like Google Authenticator, which provides 2 FA but needs actual physical device to access it. 

• Use multiple bank alerts channels: Regularly check your bank statements. Also, register for both free SMS and email alerts to stay informed about the latest bank transaction activities.

• Do not switch off your phone: When you receive multiple annoying calls, never switch off the phone. Either don't answer it or put it on silent mode. This is because annoying calls could be a plot to make you switch off the phone so that you don’t receive a SIM swap alert message. 

• Phishing Protection: Phishing is an essential weapon of cybercriminals for the completion of the scam, you should install Antivirus protections in your devices. Also, you must read the URL of websites carefully, it is very helpful to prevent being victims of phishing attacks.

CONCLUSION:- This article is all about sim card swapping fraud. If you have any queries feel free to ask in the comment section.