SIM swap fraud occurs when scammers take advantage of a weakness in two-factor authentication and verification and use your phone number to access your accounts.
SIM swapping happens when scammers contact your mobile phone’s carrier and trick them into activating a SIM card that the fraudsters have. Once this occurs, the scammers have control over your phone number. Anyone calling or texting this number will contact the scammers’ device, not your smartphone.
This is known as SIM swap fraud, and it means scammers could potentially enter your username and password when logging onto your bank’s website. The bank will then send a code by text — two-factor authentication — to your smartphone number, a code that you’ll then have to enter to access your online account. The problem? After a SIM swap, that number now goes to the smartphone or other device possessed by scammers. They can then use that code to enter your bank account.
Fortunately, you can protect yourself against SIM swapping. It’s all about preventing scammers from finding out what logins and passwords you use to access your online bank or credit card accounts. And it helps, too, to look out for the most common warning signs of a SIM swap scam.
What is a SIM card?
To understand SIM swapping, you must first understand what a SIM card is.
Also known as a subscriber identity module, a SIM card is a small card that contains a chip. For your smartphone to work, you must insert a SIM card into it. This lets you make or receive calls and send texts.
The SIM card in your phone holds plenty of information. This includes data indicating that you have permission to make calls and send texts. Without the SIM card, you could only use your smartphone for activities such as accessing the web on a Wi-Fi network or taking photos.
SIM swapping happens when scammers contact your mobile phone’s carrier and trick them into activating a SIM card that the fraudsters have. Once this occurs, the scammers have control over your phone number. Anyone calling or texting this number will contact the scammers’ device, not your smartphone.
This is known as SIM swap fraud, and it means scammers could potentially enter your username and password when logging onto your bank’s website. The bank will then send a code by text — two-factor authentication — to your smartphone number, a code that you’ll then have to enter to access your online account. The problem? After a SIM swap, that number now goes to the smartphone or other device possessed by scammers. They can then use that code to enter your bank account.
Fortunately, you can protect yourself against SIM swapping. It’s all about preventing scammers from finding out what logins and passwords you use to access your online bank or credit card accounts. And it helps, too, to look out for the most common warning signs of a SIM swap scam.
What is a SIM card?
To understand SIM swapping, you must first understand what a SIM card is.
Also known as a subscriber identity module, a SIM card is a small card that contains a chip. For your smartphone to work, you must insert a SIM card into it. This lets you make or receive calls and send texts.
The SIM card in your phone holds plenty of information. This includes data indicating that you have permission to make calls and send texts. Without the SIM card, you could only use your smartphone for activities such as accessing the web on a Wi-Fi network or taking photos.