The Dangers of SIM-Swapping: How to Protect Yourself

The rise of SIM-swapping as a form of identity theft is becoming a growing concern among consumers and experts alike. This type of theft goes beyond traditional hacking methods and involves the thieves taking over your phone number. Once they have control, any calls or texts intended for you will go directly to the thieves, giving them access to important information and potentially locking you out of your accounts.

According to the FBI Internet Crime Complaint Center, complaints related to SIM-swapping have increased by more than 400% from 2018 to 2021. This rise in reports has been accompanied by significant personal losses, estimated to be over $68 million. However, experts believe that these numbers may actually be much higher, as many cases of identity theft go unreported.

Criminals gather personal information about their victims from various sources, including data breaches, leaks, dark web purchases, or phishing scams. Armed with details such as phone numbers, addresses, birthdays, and Social Security numbers, the attackers then contact the victims’ mobile carriers and impersonate them. They claim that the original phone or SIM card has been damaged, lost, or inadvertently sold and request that the number be associated with a new SIM card or eSIM in their possession.

Preventing SIM-swapping is crucial to safeguarding your personal information and financial accounts. Cybersecurity experts recommend several strategies to reduce the risk of falling victim to this type of identity theft. For instance, changing your login credentials regularly can help mitigate the impact of a potential cyber breach. Avoid using the same or similar passwords across multiple accounts, as this can make it easier for criminals to access sensitive information.

Using a password manager can assist you in creating and storing complex passwords, which should ideally consist of letters, numbers, and symbols. Experts suggest that passwords should be at least 16 characters long for optimal security. Additionally, incorporating biometrics or multifactor authentication methods that don’t rely on text messages can enhance the protection of your accounts.

Contacting your mobile carrier to establish a unique passcode for your account can prevent unauthorized changes, such as porting your phone number to another carrier. Many carriers offer additional security features to deter SIM-swapping attempts, so it’s advisable to inquire about these safeguards. If you receive suspicious emails or text messages requesting personal or financial information, refrain from responding and report them immediately.

In the unfortunate event of falling victim to a SIM-swapping attack, swift action is essential. Contact your carrier to rectify the issue and consider filing complaints with relevant authorities, such as the Federal Trade Commission or your state attorney general. Inform your bank or credit card company if your payment card details have been compromised and monitor your accounts for any signs of fraudulent activity. Reporting the incident to credit agencies can also help prevent further harm to your credit history.