SIM swapping gained quite an attention when Twitter CEO Jack Dorsey’s account was hacked on his own platform. A study by Princeton University has revealed that five major US wireless carriers - AT&T, T-Mobile, Verizon, Tracfone, and US Mobile - are susceptible to SIM swap scams. And this sim hijacking is on a rise in developing countries like Africa and Latin America.
What is SIM swapping?
SIM swapping is when your account is taken over by someone else by fraud through phone-based authentication usually two-factor authentication or two-step verification. This could give the hacker access to your email, bank accounts, online wallets and more.
How does the swap occur?
In a SIM swap, scammers exploit the second step in two-factor verification, where either a text message or a call is given to your number for verification.
Citywire further explains the process, "Usually, a basic SIM-card swapping work when scammers call a mobile carrier, impersonating the actual owner and claiming to have lost or damaged their SIM card. They then try to convince the customer service representative to activate a new SIM card in the fraudster’s possession. This enables the fraudsters to port the victim’s telephone number to the fraudster’s device containing a different SIM."
After accessing the account, the scammers can control your email, bank accounts, online wallets and more.< ..
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