SecureTream, a cybersecurity company, has alerted the public to a fraudulent scheme known as SIM swapping.
What exactly is sim swapping?
When a threat actor gains access to your mobile phone account information and transfers it to their phone, it is known as SIM swapping.
By taking this action, unauthorized individuals can gain access to your phone’s data and important accounts.
Your personal information, such as private messages, sensitive images, cryptocurrency wallets, and banking details, could be at risk.
Furthermore, unauthorized individuals may gain access to your email inbox and social media accounts.
How does it work?
There are two methods used to carry out SIM swap attacks: physically obtaining your phone’s SIM card or impersonating you when calling your phone carrier.
According to SecureTeam, scammers trick mobile service providers into transferring a victim’s phone number to a new SIM card under their control in a typical sim swap scam.
“If they are successful, the perpetrator can then intercept text messages and calls intended for the victim’s phone,” they stated.
Guard Against SIM-Swapping with Authenticator Apps, Expert Warns
SecureTeam provided a list of suggestions to safeguard yourself against SIM-swapping attacks.
One way to enhance security is by opting for an authenticator app over SMS text messages.
An authenticator app is a mobile application that enhances the security of your online accounts.
This system operates by creating time-based one-time passwords (TOTPs) that are utilized for accessing an account.
“Use an authenticator app to generate a time-sensitive code instead of relying solely on SMS-based two-factor authentication,” advised SecureTeam cybersecurity specialist Ian Reynolds.
“This is crucial for sensitive accounts like banking and email accounts,” he emphasized.
“These applications are not vulnerable to sim swap attacks, offering an additional level of security.”
It’s important for users to stay cautious of unexpected calls and messages and to frequently check their bank accounts.
“If you get an unexpected call or message, always verify the identity of the caller or sender before sharing any personal information,” Reynolds advised.
“If you’re worried about the identity of someone claiming to be from a specific organization, contact the organization directly using official contact details,” he advised.
