FTC: SIM swapping on the rise
Around a decade ago, not everyone had a smartphone. While the iPhone had already been out for three years, many people only had phones that could only make calls and send text messages. Now, the majority of us have smartphones which are basically like having a full-blown computer in your pocket. As such, many of us have very sensitive personal and financial information on our phones. Now, what if someone was able to steal all of that information without having to steal your phone? That’s exactly what happens with SIM swapping.
SIM swapping is when a scammer or other bad actor is able to convince your cell phone carrier to switch your service to their phone. This way they can have access to the various social media, email, and financial apps that you may have on your phone. SIM swapping is lucrative to scammers because this way they can easily access accounts that are protected by two-factor authentication since many of us use text messaging as our preferred method of 2FA. This is also how they can lock you out of your own accounts after having email addresses and passwords changed.
Normally, someone would have to give your cell phone carrier a PIN number in order to transfer service to a new device. However, since so many people forget their PINs, some carriers will let you change service after answering a couple of security questions. Scammers can often find the answer to these questions, like your pet’s name or the street you grew up on, from your social media accounts. The Federal Trade Commission has said that SIM swapping has been on the rise in the past few years.
There are ways to protect yourself from SIM swapping. The first is to not share too much information about yourself on social media that could lead to scammers knowing the answers to your security questions. The other way is to contact your carrier and tell them not to allow any device switching on your account. However, to get your account unfrozen you may have to visit your carrier’s store with your ID.
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