Feature Story: “Sim-swapping” raises security concerns

By: Antonio Ili

What is “Sim-swapping”? A sim swap scam Issa type of account takeover fraud. Sim swap scam generally targets a weakness in two factor authentication and two-step verification in which the second factor or step is a text message or call placed to a mobile telephone. Basically, a sim swap when a criminal is able to get a hold of the phone number and personal information of the victim. If successful, the criminal has access to all personal and(or) confidential information of the victim. Sim swap scam can happen to anyone and is very crucial to the victim because a victim can lose up to more than 1 million dollars.

They can change passwords, lock the victim out of their own lives, and even empty out financial accounts, which is exactly what happened to Robert Ross on October 26, 2018.

“I took a million dollar loss,” he said. “My heart was pumping a lot, fear, deer in the headlights.” It began when Ross says his phone began showing notifications for a withdrawal request on one of his financial accounts, a request he never made. Ross says that “ that was all my life’s savings” and that he was going to pay for his daughter’s college education.

Some would say that this could also be an inside job. Sure enough, a Verizon employee was found and accused of taking thousands of dollars in bribes from sim swap hackers. 

Sim swapping is very unfortunate for any victim so I would suggest to be careful with your information because you never know if or when this could happen to you.