Welcome to the Prehnetics Cyber Security Podcast, episode two, Sim Swapping, a cyber security Point of view

A SIM swap attack, also known as Subscriber IdentityModule (SIM) hijacking, occurs when a fraudster gains control of a victim's phone number by having it transferred to a SIM card they control.This allows them to intercept calls and text messages, including security codes, to gain access to the victim's online accounts and financial information.

Mobile phone service providers have the ability toseamlessly port a phone number to a device containing a different subscriber identity module (SIM). This mobile number portability feature is normally used when a phone is lost or stolen, or a customer is switching service to a newphone.

The attacker just needs to convince the service providerthat they are the owner of that phone number

Here's a more detailed look:

How it works:

1. Gathering Information:

Attackers gather information about the victim, such as name,address, and security questions, often from social media or by posing as the victim’s friends to gain their trust. Attackers may use clues from social media as to which victims are more affluent (Pictures of the victim in expensive cars, houses, etc.) making them attractive targets. This Social Engineering is acommon way to initiate most scams or identity theft.

2. Impersonation:

The attacker contacts the victim's mobile carrier,pretending to be the legitimate owner of the phone number and requesting a SIM swap or a replacement SIM card.

3. Successful Swap:

If the attacker provides the correct information, thecarrier transfers the number to the attacker's SIM card. Sometimes this involves a one time password (OTP) sent to the victim. The attacker says they put the wrong phone number in when trying to create a new account, and ask thevictim for the OTP. Don’t ever give a PIN, password, or OTP over the phone, or via message or email.

4. Access to Accounts:

The attacker can then intercept calls and texts, includingsecurity codes, to access the victim's email, and other online accounts like banks, credit cards, and social media, which may use the email address for password resets, or Short Message Service (SMS)

5.  Perform as much theft or fraud as possible, before victim knows they have lost control of their accounts

Consequences:

Financial Loss:

Attackers can steal money from bank accounts or use thevictim's credit card information for fraudulent purchases.

Identity Theft:

Gaining access to personal information like social securitynumbers can be used for identity theft.

Account Takeover:

Attackers can change passwords and gain control of variousonline accounts, causing significant disruption and potential reputational damage.

Prevention:

Verify Alerts: Regularly check account security alerts (oftensent in email or texts) for unusual login attempts or unauthorizedtransactions.

Enable 2FA: Use two-factor authentication for criticalaccounts like banks and social media.

Use Authenticator Apps: Use apps like Google Authenticatoror Authy to generate security codes instead of relying on SMS (because the attacker has your phone number, and will get the SMS on their phone.  Avoid Relying on SMS: Limit the use of SMS for sensitive account information.

Keep Personal Information Private: Be cautious about sharing personal details online. Much of this information (Mother’s maiden name, pet’s names) are also security questions

Number Lock: Some cell phone service providers offer number lock features to prevent unauthorized transfers.

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