SIM-Swap Definition
A SIM-Swap, also known as SIM-jacking or SIM swapping, is a form of identity theft where an attacker convinces a mobile network provider to switch a victim’s phone number over to a SIM card controlled by the criminal. Once the attacker has control over the phone number, they can bypass any form of security that relies on SMS or phone calls, such as two-factor authentication (2FA), to gain unauthorized access to sensitive accounts such as email, social media, and especially cryptocurrency wallets.
SIM-Swap Key Points
- SIM-Swap is a type of identity theft where a criminal tricks a mobile network provider into transferring a victim’s phone number to a SIM card controlled by the attacker.
- Once the attacker has control over the phone number, they can bypass security measures such as two-factor authentication (2FA).
- The main target of SIM-Swap attacks are often cryptocurrency wallets, as they can be emptied without the possibility of reversing the transaction.
- Prevention measures include not linking phone numbers to sensitive accounts, using non-SMS based 2FA, and setting up additional security measures with the mobile network provider.
What is SIM-Swap?
SIM-Swap is a malicious tactic used by criminals to gain unauthorized access to victims’ sensitive accounts. The attacker tricks the mobile network provider into transferring the victim’s phone number to a new SIM card, which is in the possession of the attacker. This is often done by impersonating the victim, using personal details that may have been obtained through other forms of cybercrime such as phishing or data breaches.
Why is SIM-Swap significant?
SIM-Swap is significant because it allows attackers to bypass security measures such as two-factor authentication (2FA) that rely on SMS or phone calls. This can give them access to sensitive accounts, including email, social media, and especially cryptocurrency wallets. Since cryptocurrency transactions are irreversible, victims of SIM-Swap attacks can lose substantial amounts of money.
Who is affected by SIM-Swap?
Anyone who uses a mobile phone number as a form of security for their online accounts is potentially at risk of a SIM-Swap attack. However, individuals who own cryptocurrency are often the main targets due to the potential financial gain for the attackers.
When does SIM-Swap occur?
SIM-Swap can occur at any time. The attacker only needs to convince the mobile network provider to transfer the victim’s phone number to a new SIM card. This can be done through social engineering techniques, using personal information about the victim that the attacker has obtained.
Where does SIM-Swap happen?
SIM-Swap is a form of cybercrime, so it can happen anywhere in the world where the attacker has access to a phone and an internet connection.
How can SIM-Swap be prevented?
Preventing SIM-Swap involves several steps. Firstly, avoid linking your phone number to sensitive accounts where possible. Use non-SMS based forms of two-factor authentication (2FA), such as authenticator apps. Finally, set up additional security measures with your mobile network provider, such as a unique passcode that must be provided before any changes can be made to your account.
