What is SIM Swapping & How to Avoid It

What is SIM Swapping?

SIM Swapping is gathering enough personal information on the victim and then convincing a mobile provider to swap the SIM card to a new phone while pretending to be the victim. This hack allows access to anything requiring two-factor authentication or confirmation via text or call.

SIM swapping can occur through an extensive process of gathering personal details from the victim (primarily through phishing emails), contacting the victim’s phone provider, using the details to claim the original phone was lost, and having the SIM transferred to the new device. With the victim’s SIM card, fraudsters can gain access to anything that links the phone as the recovery option for a lost password or two-factor authentication.

Even the Twitter CEO was hacked via this method.

How to Avoid SIM Swapping

You can prevent SIM swapping by reporting phishing emails and not opening any of the links embedded in emails unless from a trusted source. Avoid replying to any texts, emails, or calls requesting personal information. Lastly, protect your phone by locking your SIM with a PIN in your phone settings.

Tips to Strengthen Security

1. Use Firefox Monitor. Check to see if your email address has been part of a previous data breach and get alerted to future ones.
2. Choose strong, unique passwords. Firefox Password Manager can suggest strong, unique passwords, save them, and help you manage them whenever you’re logged into your account.
3. Use Firefox Relay. Use Relay’s email aliases to break the email address connection between your data in different data breaches.
4. Make your social media accounts more private.
5. Consider using a 2-factor authentication device or app that doesn’t use SMS or texting.

Fraud can have a significant impact on you and your customers. Make sure to take extra precautions to protect your company against an attack. 

To learn more about how we can help you please send us an email at businessbanking@fidelitybankmn.com or give us a call at (952) 831-6600.