FBI Warns About ‘SIM Swapping’ That Steals Millions From Victims: Warning Signs, 5 Ways to Avoid Scam

The FBI is warning the public about a sudden spike of phone scam cases this February. Smartphone users are advised to practice extra caution against SIM swapping schemes.

For reference, the phone scam and SIM-swapping complaints recorded between January 2018 to December 2020 only amounted to 320 reports. Victims in these cases lost approximately $12 million in total.

In comparison, the FBI Internet Crime Complaint Center recorded 1,611 complaints and $68 million losses in 2021. It is important to note that the number more than tripled in less than a year.

Phone Scam Strategies: What Is SIM Swapping?

MoneyTalksNews clarified the scam strategy called sim-swapping. This scam ultimately aims to gain access to sensitive information from the victim’s phone through their personal number. Scammers often use one of three tactics during the scam:

• Social Engineering: A malicious actor impersonates a victim and fools the mobile carrier to transfer the SIM number to a controlled device. This way, the scammer can receive all the victim’s text messages.
• Insider Threat: Notably, this scheme shares the same conclusion as the first tactic. Their difference lies in the hacking strategy, where a schemer pays a mobile provider to switch the numbers instead of fooling them.
• Phishing Techniques: This is the most common strategy for hacking in which malicious actors infect mobile carrier systems with malware to gain access to confidential files.

Most mobile carriers are doing what they can to regulate these criminal activities, but be warned that scammers are always trying to come up with new ways to trick the system.

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5 Ways How to Avoid Scam

Earlier this month, the FBI Public Service Announcement posted five tips that can help users protect their smartphones. Users are advised to practice these precautions whenever they can to boost their personal security.

1. Do not advertise personal information on the internet: Users are recommended to be wary of scammers who are hunting for potential victims on the internet. This means users should avoid posting anything about their financial assets, investments and ownership on social media websites and forums.
2. Never provide pin or password during call: Keep in mind that although most communications providers ask for the user’s account number, they will never request a pin or password for that account.
3. Avoid posting personal information: Be warned that many cybercriminals are getting crafty at impersonating people, so avoid helping them by posting the details or personal information like full name and address on the internet.
4. Use variations for passwords on different accounts: This should be extremely helpful in case an account gets hacked or stolen. Note that by changing different passwords, each online account will have a unique version of security.
5. Authenticate caller identity: Taking into consideration the hacking scams previously mentioned, users are advised to only read messages and take calls from credible sources and saved contacts.   

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