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Is Sim Swapping Next for Identity Theft!

November 15, 2021 | Helpful Advice, Knowledge Base

Is Sim Swapping Next for Identity Theft!

What is Sim Swapping?

Sim Swapping is essentially the process in which Cybercriminals can now swap your Sim through your mobile provider. By doing this, criminals are gaining full access to your mobile devices, gathering personal information that will enable them to impersonate you not only to your friends and family but to your bank accounts.

This isn't some in-depth scheme that will take months; it will take seconds for a cybercriminal to access your personal information. However, these are the steps they take.

  1. Phishing emails have been the leading cause of Sim Swapping. Bad actors are sending out emails imitating your provider, asking for personal information. The information needed to impersonate YOU.
  2. Next, they will call your wireless carrier, request a new sim, and gain access to your phone number. Those who use text messages as a form of two-factor authentication will be an easy target.
  3. Enabling them to reset passwords to your emails and bank accounts. Unfortunately, they have now locked you out of your accounts.

Steps we can take to prevent it:

Be Suspicious – Do not open an email, click, or download if you suspect suspicious activity. Most mobile providers and Banks will not ask for personal details through email.

Create a Strong Password – Whatever you do, do not have the same password across all platforms. For sensitive accounts, create stronger passwords with multiple characteristics.

Cautious on Social Media – Refrain from putting personal information upon your social platforms, such as your phone number, address, and birthday. These are the answers to the questions banks commonly ask to approve your identification.

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