SIM swapping: SMS fraud

Attackers are devising newer ways to compromise user accounts including banking accounts, social media accounts and corporate account. One of the ways through which attackers are able to get hold of personal information such as name, date of birth, personal identity number and mobile number is a SIM swap, which involves targeting weaknesses in the two-factor authentication mechanism. SIM swaps allow attackers to receive OTPs, reset passwords, impersonate authorised users and access unauthorised accounts.

In this article, we discuss the methods and techniques used by attackers to carry out SIM swaps, the possible impact and root cause analysis of such attacks, and the ways you can safeguard yourself from falling victim to SIM frauds.