SIM swap scam
SIM swap scam (also known as Port-Out scam or SIM splitting) is a type of account takeover fraud that generally targets a weakness in two-factor authentication & two-step verification, where the second factor or step is an SMS or a call placed to a mobile telephone.
How the fraud works
The fraud centres around exploiting a mobile phone operator’s ability to seamlessly port a telephone number to a new SIM. This feature is normally used where a customer has lost or had their phone stolen.
Once the fraudster has obtained these details they will then contact the victim's mobile telephone provider. The fraudster will use social engineering techniques to convince the telephone company to port the victim's phone number to the fraudster's SIM. For example, by impersonating the victim and claiming that they have lost their phone.
Once this happens the victim's phone will lose connection to the network and the fraudster will receive all the SMS and voice calls intended for the victim.
This allows the fraudster to intercept any one-time passwords sent via SMS or telephone calls sent to the victim; and thus to circumvent any security features of accounts (be they bank accounts, social media accounts etc.) that rely on SMS or telephone calls.
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