Glossary
SIM Swapping
SIM swapping is when criminals trick your phone company into moving your number to their phone. Suddenly they get your texts - including those two-factor authentication codes. They can reset passwords and take over your accounts. Your phone just stops working.
What is SIM Swapping?
A fraud technique where attackers convince a mobile carrier to transfer a victim's phone number to a SIM card they control, enabling them to intercept calls and SMS messages.
Why Should You Care?
SIM swapping directly bypasses SMS-based two-factor authentication, which many organizations still rely on for critical systems like VPN access, cloud applications, and financial platforms. Once attackers control a victim's phone number, they can intercept verification codes and reset passwords within minutes—cryptocurrency wallets are particularly vulnerable because transactions are irreversible. For executives and remote workers, a single successful SIM swap can expose corporate email, customer data, and financial systems, creating significant liability for both victims and the carriers that failed to prevent the unauthorized transfer.
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Real-World Example
In a typical SIM swap, an attacker gathers personal details about a target, then contacts the victim's mobile carrier—or bribes or socially engineers a carrier employee—to transfer the victim's number to a SIM the attacker controls. Once calls and texts route to the attacker's device, they trigger password resets and capture the SMS verification codes, taking over email, banking, and cryptocurrency accounts before the victim realizes their phone has lost service. High-value cryptocurrency holders have lost large sums this way, and carriers have faced legal claims for failing to stop unauthorized number transfers.
How to Protect Against SIM Swapping
- 1.
Set up a PIN with your mobile carrier
- 2.
Use authenticator apps instead of SMS for 2FA
- 3.
Monitor for unexpected loss of cell service
Related Terms
Social Engineering, Two Factor Authentication, Identity Theft
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