What is SIM-swap scam, and how can you protect your users against one?

A SIM-swap scam is a form of account takeover attack that targets mobile phone numbers to gain access to online accounts, exploiting the mobile number portability feature that allows phone numbers to be transferred between SIM cards. This scam specifically targets SMS one-time passcodes (SMS OTPs), a popular form of two-factor authentication due to their accessibility and the "something-you-have" authentication factor, making them an appealing attack vector. Fraudsters typically use phishing and social engineering tactics to obtain personal information and deceive mobile carriers into transferring a victim's phone number to a SIM card they control. Key signs of a SIM-swap attack include loss of phone service and unauthorized activity on social media and financial accounts. To combat SIM-swapping, it is important for individuals to recognize phishing attempts, use strong and unique passwords, and consider alternative authentication methods like passkeys or authenticator apps. Organizations can enhance security by incorporating step-up authentication and investing in fraud prevention tools to detect suspicious activities.

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