What Is SIM Swap?
A SIM swap is a type of criminal attack that exploits vulnerabilities in two-factor authentication (2FA) systems used by individuals to enhance the security of their online accounts, such as social media and banking.
In a SIM swap attack, cybercriminals manipulate the victim’s mobile phone service to gain unauthorized access to their data.
This involves transferring the victim’s phone number to a new SIM card controlled by the hacker.
SIM Swap Attacks
Once the hacker gains control of the victim’s phone number, they can access the victim’s email and reset sensitive information, including login credentials.
The risk becomes even more significant when the criminal obtains access to the victim’s cryptocurrency credentials, including details of their crypto wallets.
One concerning aspect of SIM swap attacks is how easily they can be executed.
All it takes is porting the victim’s mobile carrier number to a new phone number controlled by the hacker.
This can be achieved through various methods, including phishing attacks or purchasing the victim’s details.
Europol’s Efforts Against SIM Swap Attacks
Law enforcement agencies like Europol have been actively combating SIM swap attacks, uncovering cybercriminal rings responsible for multiple attacks and causing significant financial losses, such as losses totaling around $3.7 million.