We are currently in the digital era. Coming down to today’s smartphone-based World, making use of mobile devices for internet banking is the regular practice for almost all humans.
However, it is uncertain if users are aware that they could be at risk due to a new form of fraud. This new fraud is known as the SIM swap hack. Nevertheless, you should consider yourself lucky if you have not experienced this SIM swap attack.
Though the attack is still comparatively new, we will have to get into the basics of what SIM swapping cards is all about before we venture into this SIM swapping attack.
What Is SIM Swapping?
Basically, SIM swapping is a service carried out by every telecommunication establishment. It enables a customer to change their phone details and user accounts onto a different phone for legal purposes.
The reasons for this swap could be due to a spoilt SIM card or changing to a different network provider. However, a staff of the firm must affirm this SIM swap. Meanwhile, there are situations where fraudsters or hackers are capable of manipulating the telecommunication staff to SIM swap without confirming that they own the phones.
SIM Swap Hack Defined
Generally, a SIM swap hack is a form of phishing crime that strikes a crucial threat to customers and financial security. Here, the hacker or possibly fraudster gains a person’s financial details via phishing methods or through buying these details from organized fraud systems.
It was reported that a crypto investor sued his telecommunication carrier because a SIM swap led to the theft of roughly 23.8 million dollars’ worth of crypto tokens. He practically sued AT&T for over ten times the same amount. The SIM swap hack allows these criminals to access a person’s two-factor authentication encryption easily. This can be used to sign into some of the major crypto exchanges.
Majority of these telecommunication carriers provides individuals with the alternative of putting either a pin or a password on their accounts. According to them, utilizing one contributes another layer of security. It is basically yet another bit of data a hacker will need before they can take on your identity. While it cannot help in cases of an insider threat, it is still way better than nothing else.
For a firm like T-Mobile, one would have to dial 611 from the mobile device and make inquiries to add something called Port Validation to your account. This will enable a customer to select a 6 to 15 digit private pin. From there, a customer, scrolls to the security information on Sprint and updates the pin in there.
How SIM Swapping Hack Works
It works when these fraudsters call a mobile phone carrier’s technical support number acting as their desired target. They give a detailed explanation to the staff that they misplaced their SIM card.
They move on to requesting that their phone number be moved to a new SIM card that the fraudsters practically own. Using a chunk of social engineering, the fraudsters manipulate the staff that they are really who they say they are.
At this point in time, the staff sends the phone number to the new SIM. Having hold of a person’s number, a fraudster has easy access to all the accounts owned by the poor victim.
SIM swapping is a new crime that is continually rising in the mobile sphere. However, for those who have not experienced the SIM swapping attack, you should enable your two-factor authentication package on all social media, financial and credit card accounts. An authentication app can also be downloaded as it can be used to connect the physical mobile device.
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