SIM Swap

SIM swap fraud is a growing threat in the digital age, where attackers hijack a victim's phone number by transferring it to a new SIM card. This allows the fraudster to intercept calls and text messages, including two-factor authentication (2FA) codes used to secure online accounts. Once in control of the victim's phone number, the attacker can reset passwords, gain access to sensitive personal information, and take over accounts, including cryptocurrency wallets and exchanges. The consequences of SIM swap fraud can be devastating, leading to financial losses, identity theft, and a breach of privacy.

To execute a SIM swap, attackers typically use social engineering techniques to trick mobile carriers into transferring the victim's phone number to a new SIM card. Once the transfer is complete, the attacker can receive all communications intended for the victim, bypassing security measures that rely on SMS-based 2FA. This type of fraud has become especially concerning in the cryptocurrency space, where access to a wallet or exchange account can result in the theft of digital assets that are often difficult to recover.