In today’s digital age, our smartphones have become the keys to our online lives. But what if someone could take control of your phone number and gain access to your most secure accounts? This is the reality of SIM swapping, a growing form of identity theft that can allow hackers to bypass even the strongest security measures you’ve put in place.
What is SIM Swapping?
SIM swapping, also known as port-out hijacking, is a sophisticated form of identity theft that hackers can use to gain access to your most crucial online accounts. A SIM card, or Subscriber Identity Module, is the small card in your phone that connects you to your mobile network and stores some of your basic information.
To perform a SIM swap, hackers use your personal information – often obtained through phishing scams or purchased on the dark web – to trick your mobile carrier into transferring your phone number to a new SIM card in their possession. This gives them access to your calls, texts, and potentially any accounts (like your bank or social media accounts) that use your phone number for additional verification.
Why You Need to Be Concerned About SIM Swapping
Last month, Toronto Police arrested 10 people involved in a SIM swap fraud scheme that compromised over 1,500 cellular accounts across Canada, resulting in over $1 million in losses. This investigation, named Project Disrupt, revealed that the suspects used fraudulent identification to trick telecom providers into transferring phone numbers to new SIM cards, enabling them to intercept private communications and access sensitive information.
Red Flags: How to Spot a SIM Swap Attack and What to Do Next
- Unexpected notifications about password changes or account access
- Unusual activity on your financial accounts
- Inability to log into your online accounts
If you suspect you’re a victim of SIM swapping, take these steps immediately:
- Contact your bank or credit card company: Inform them that your accounts or card numbers may be compromised and alert them to monitor for suspicious activity.
- Review your online accounts: Change passwords for your email, banking, and social media accounts. Use strong, unique passwords and consider a password manager to keep track of them.
- Report to law enforcement: Make sure to report the fraud to your local police department and contact the Canadian Anti-Fraud Centre at 1‑888‑495‑8501 to formally document the incident.
Fortify Your Defenses: Preventing SIM Swap Attacks
- Use Strong, Unique Passwords for all your accounts, especially your mobile carrier account. Consider using a password manager to help with this.
- Avoid Using Your Phone Number for two-factor authentication when possible. Instead, use authenticator apps or hardware security keys.
- Set Up a PIN or Password on your mobile carrier account. This adds an extra layer of security when anyone (including you) tries to make changes to your account. You can find more information on how to do this here.
- Be Cautious About Personal Information you share online. Cybercriminals often use publicly available data to impersonate you to your carrier in a SIM swap fraud.
- Be Wary of Phishing Attempts. Don’t click on suspicious links or provide personal information in response to unsolicited emails or texts.
Your Partner in Identity Security
While the rise of SIM swapping is concerning, Sigma Loyalty Group is here to help protect our subscribers information and support them if they become a victim. If they’re ever needed, our identity restoration experts are ready to work with subscribers to create an action plan and guide them through the entire process of restoring their accounts and their identity.
Remember to stay vigilant, stay informed, and stay safe!
