FRAUD: SIM SWAPPING

On 25 August, Recorded Future published a Cyber Threat Analysis which explains that SIM swapping involves deceiving a mobile provider (usually through social engineering) into transferring a victim’s phone number to a SIM card controlled by a cybercriminal.  Once the SIM card has been activated, a cybercriminal controls the phone number and can reset victim passwords and take control of social media, online banking, and cryptocurrency accounts.  In some instances, even security measures such as 2-factor authentication (2FA) can be bypassed.  It also explains that “How-to guides” on SIM swapping, for sale or freely available, outline some of the most popular typologies for SIM swapping attacks.

https://go.recordedfuture.com/hubfs/reports/cta-2021-0825.pdf

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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