Sim Swapping is a social engineering hack where scammers and fraudsters steal your phone number without ever touching your phone.
There are a couple of ways they can do this.
- The scammers trick your phone provider into thinking that they are the rightful owner who’s lost the phone and need to transfer service to a new device; or
- Occasionally it’s the phone employee that helps the scammer perpetrate the switch.
No matter what, once your phone number has been stolen (Sim-Swapped), your text messages and 2-factor authentication starts going to the scammer. It provides a gateway for access to your email, online banking and cryptocurrency accounts because all calls and text messages made to your phone number to verify your identify are now going to the scammer.