Phone numbers have become a common way to verify your identity online. We’re in an era where many of us view our smartphones as practically extensions of ourselves, so it stands to reason that sending a text message to a personal phone number is a good way to perform two-factor authentication or validate a login from an unfamiliar device.

This method is secure and effective—unless a fraudster manages to hijack your phone number with a SIM card swap. It’s not the easiest scam to pull off, but when it succeeds, what can victims do to mitigate the damage and protect their online accounts?

Many of the apps and sites that store our most valuable personal data—like our social media, email, and online banking—use our phone numbers to make sure we are who we say we are when we’re trying to access or make changes to our accounts. After all, most of us always have our phones nearby, and replace them immediately when they’re lost or broken.

Full Text:
https://www.chargebackgurus.com/blog/sim-swap-fraud

©Chargeback Gurus 2021
Production: Emily Woodward
Narration: Sarah Rife