ALERT: SIM-Swapping Getting Rampant

ALERT:  SIM-Swapping Getting Rampant

Not to scare everyone BUT SIM-swapping is one of the nastier hacks you can fall victim too.  Simply put, WHAT happens is that it essentially reroutes your cell number to another SIM, to another phone.  NOT only does it mean all of your text messages and calls are going somewhere else, it also means your two-factor authentication codes [which are needed to log in to online accounts OR to initiate financial transactions] are being redirected too.  Yes, this is an urgent ALERT that SIM-Swapping [is indeed] Getting Rampant📗📙📘

Wikipedia tags SIM-swapping various ways, e.g. Port-out scam, SIM-jacking, SIM-splitting, name it, BUT simply put, it clearly defines SIM-swapping as an 'ACCOUNT TAKEOVER' fraud that generally targets a weakness in a two-factor authentication and two-step verification in which the second factor OR step is a text message [SMS] or call placed to a mobile phone.  This fraud exploits a mobile phone service provider's ability to seamlessly port a phone number to a device containing a different subscriber identify module [SIM]💦💦💦

So, HOW exactly SIM-swapping gets triggered?  This rampant scam begins with a fraudster gathering personal details about the potential victim [that explains WHY we have the DATA PRIVACY LAWS - but is everyone complying to it?] either by use of phishing emails OR by buying them from organized criminals [this is very true, BE EXTRA WARY when registering your personal details because that could end up in those 'marketing databases FOR SALE, whew !@#$%?]

The key to a SIM-swap attack is tricking your cellular service provider into swapping your existing cell number to a new SIM.  The tricky part here is that different carriers have different security checks in place to prevent this BUT essentially, a scammer will need access to some sensitive information so they can IMPERSONATE you, your address, your security question, your personal details [so, BE WARY]!!!

Our takeaway:  Here's a preemptive practical and proactive best practice I did invoke just yesterday.  WHEN I received an SMS containing a new OTP [WHEN in fact I was NOT performing any mobile banking transaction], the first thing I did was to CHANGE PASSWORD [because that means someone has attempted to breach your 2FA.  Always remember hackers have a variety of ways can get hold of your personal information.  Sometimes, it's NOT your fault [if there's a data breach] but even then, this warns us NOT to effortlessly input your personal details in every single link volunteered by Sales people purportedly for legit purposes [HOW assured are we that that info WON'T be UP FOR SALE to unscrupulous third parties]?  YES, SIM-swapping is getting rampant and it's unabated❎❎❎