The SIM-Swapping Scam: What It Is and How to Protect Your Money

Have you ever gotten a new phone and had to switch your phone number to a new SIM card? It's a normal process. But a scary new scam called "SIM-swapping" turns this simple action into a way for thieves to steal your money.¹

What is SIM-Swapping?

Think of your phone number as the key to your digital front door. SIM-swapping is a type of fraud where a scammer tricks your phone company into giving them a new SIM card for your phone number.² Once they have that new card, all your calls and text messages—including the security codes your bank sends—go straight to them instead of to you. Your phone will suddenly lose service, and you might not realize why until it's too late.

How Does It Work?

The scam happens in a few simple steps:

1. They Gather Your Information: The scammers find out personal details about you.³ This can be as simple as your full name, phone number, and address from places like social media or public records.

   
   

2. They Trick Your Phone Company: The scammer calls your mobile company and pretends to be you.⁴They use the information they found to convince the phone company's customer service representative to switch your phone number to a new SIM card that they own.⁵

   
   

3. They Take Over Your Accounts: Once they have your phone number, they can log into your email and bank accounts.⁶ When the bank sends a security code to your phone to confirm the login, the scammer receives it and can easily bypass your two-factor authentication. With that, they can transfer all your money out of your account.

   
   

Why It's So Dangerous

Your phone number is more than just a way for friends and family to reach you. It's often used as a key for two-factor authentication (2FA), a security step that requires you to enter a code from your phone to confirm your identity. By getting your phone number, scammers can get around this important security measure, making your bank accounts, email, and social media vulnerable.⁷

How to Protect Yourself

The good news is that there are simple, effective steps you can take to protect yourself from this type of scam.

1. Lock Your Mobile Phone Account

Call your mobile phone provider and ask them to add a PIN, password, or security phrase to your account. This is different from your phone's password. It's a special code you must give to the company before anyone can make changes, like swapping your SIM card.

2. Be Careful with Personal Information

Be cautious about what you share online. Scammers use details like your birth date, pet names, or hometown from social media to answer security questions.8

3. Change Your Two-Factor Authentication (2FA)

If your bank or email allows it, switch your 2FA from text messages to an authenticator app. These apps (like Google Authenticator or Microsoft Authenticator) generate codes on your phone that do not require an internet or mobile connection.9 They are much harder for a hacker to access.

4. Check Your Phone Service Regularly

If you suddenly lose service on your phone, don't ignore it. This could be a sign that a SIM swap has just occurred. Call your mobile provider immediately to check your account status.

By taking these few simple steps, you can add a powerful layer of security to your phone and financial accounts, giving yourself peace of mind.

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