Lurking danger in SIM swap fraud: What is it? How to avoid it?

SIM HIJACKING: It's a dangerous form of digital hijacking, And it uses a really simple ruse. IT security experts describe 'SIM swapping' is a growing nightmare. It is difficult to figure out how many mobile phone users have been hit by a SIM swap fraud. Customers, the banks, phone companies and the courts are all drawn into the money trail left by SIM swapping hackers. SIM swap fraud cases have emerged in different parts of the world, including the UAE.

MONEY IS THE MOTIVE: A SIM swap scam is a type of account takeover fraud that generally targets a weakness in two-factor authentication and two-step verification in which the second factor or step is a text message or call placed to a mobile telephone.

WHEN DOES IT HAPPEN? SIM swapping occurs when someone (a hacker interested in cleaning your bank account) contacts your wireless carrier and is able to convince the call center employee that they are, in fact, you. The ruse is relatively easy. All a fraudster needs to out the SIM swap fraud are the name and mobile number of an individual being targetted by the attack. Security experts say this "simjacking" is increasingly becoming more common.

ACCOUNT TAKEOVER FRAUD: SIM swap scam is also known by other names: "port-out scam", "SIM splitting", "Smishing" and "simjacking".

FRAUDSTERS' FAVOURITE: A study published in January 2020 reveals that the practice of SIM swapping is becoming increasingly common. Despite carriers putting safeguards in place, researchers were able to demonstrate taking over your phone number quickly and with ease.

KEY TO A KILL: We don't think that much about SIM cards, except when we get a new phone. This little plastic chip inside your phone directs you device to the cellular network it belongs to to, and which phone number to use.

HIJACKED SIM: Once your phone number is assigned to a new card, all of your incoming calls and text messages will be routed to whatever phone the new SIM card is in.

ًٍSWAP IS NOT HARMLESS: On the face of it, the swap does not look harmless. Today, however, most of us have our phone numbers linked to our bank, email and social media accounts, you quickly begin to see how easy it would be for someone with access to your phone number can take over your entire online presence.