What is SIM Swapping?

SIM swapping compromises mobile accounts. Learn how this attack works and strategies to protect your mobile identity.
By SentinelOne November 16, 2023

SIM swapping is a technique used by attackers to take control of a victim’s phone number. This guide explores how SIM swapping works, its implications for security, and strategies for prevention.

Learn about the importance of securing personal information and using multi-factor authentication. Understanding SIM swapping is crucial for protecting against identity theft and fraud.

SIM swapping attacks represent a vulnerability in two-factor authentication (MFA/2FA). As a result, it has led to high-profile breaches, financial losses, and identity theft cases. In the current threat landscape, SIM swapping has become an attractive tool for hackers seeking to infiltrate cryptocurrency wallets, social media accounts, and financial institutions.

A Brief Overview & History of SIM Swapping

SIM swapping, a term that has garnered increasing notoriety in recent years, is a sophisticated and malicious technique employed by cybercriminals to gain unauthorized access to a victim’s mobile phone number and subsequently infiltrate sensitive accounts and data. It involves convincing a mobile carrier to transfer the victim’s phone number to a SIM card under the attacker’s control, thereby providing the attacker with the ability to intercept SMS-based two-factor authentication codes and reset passwords. This seemingly straightforward yet devastatingly effective tactic exploits the trust that mobile carriers have historically placed in customers’ requests for SIM card changes, making it a serious vulnerability in the security landscape.

The origins of SIM swapping can be traced back to the mid-2000s when it was primarily a tool used by hackers and scammers to engage in identity theft and wire fraud. Over the years, the technique has evolved, becoming more sophisticated and refined. Nowadays, it has emerged as a pervasive and damaging threat to individuals, businesses, and even high-profile personalities. Its usage has expanded from simply gaining unauthorized access to email or social media accounts to infiltrating cryptocurrency wallets, where attackers can steal vast sums of digital currency. Moreover, it is employed in financial fraud, online banking, and other malicious activities, often with far-reaching consequences.

Understanding How SIM Swapping Works

SIM swapping begins with the attacker identifying a target. This might involve researching the victim online to find personal information, including their mobile phone number, carrier, and even answers to security questions.

Armed with this information, the attacker initiates a social engineering campaign. They impersonate the victim and contact the victim’s mobile carrier’s customer support. They may use various tactics to convince the carrier that they are the account holder and need a new SIM card. Common tactics include pretending to have lost the original SIM card or claiming to need a replacement for a damaged card.

Once the attacker successfully contacts the carrier, they provide the victim’s information, including the mobile phone number and any additional details that may be requested. If the attacker is convincing enough, the carrier may issue a new SIM card without properly verifying the caller’s identity.

With the new SIM card in hand, the attacker inserts it into a device they control. This device is often a spare phone or a SIM card reader/writer. The attacker then activates the new SIM card, essentially taking over the victim’s phone number.

Once the victim’s phone number is under the attacker’s control, they can intercept SMS messages and phone calls. This is where the real damage can occur. If the victim uses SMS-based 2FA, the attacker can receive the authentication codes sent to the victim’s number, granting them access to the victim’s accounts. The attacker can also use the stolen phone number to reset passwords for various accounts, taking over email, social media, and financial accounts.

With access to the victim’s accounts, the attacker can engage in a range of malicious activities, from stealing sensitive information and funds to conducting identity theft and fraud. To avoid detection, attackers may attempt to lock the victim’s SIM card or otherwise disrupt the victim’s access to their phone number. They may also quickly change account recovery options, making it harder for the victim to regain control.

It’s important to note that SIM swapping is not a guaranteed success for attackers. Mobile carriers are increasingly implementing more robust authentication and verification procedures to prevent such attacks. For instance, they might require additional security questions or a physical visit to a store for SIM card replacement. However, it remains a significant concern due to the potential harm it can cause.

Exploring the Use Cases of SIM Swapping

Perhaps the most well-documented use of SIM swapping is its role in cryptocurrency theft. Cybercriminals target individuals known to hold substantial cryptocurrency assets and use SIM swapping to gain control of their mobile numbers. Once in control, they intercept two-factor authentication codes and gain access to cryptocurrency wallets, resulting in significant financial losses. The significance of these attacks lies in the substantial financial stakes involved and the relatively irreversible nature of cryptocurrency transactions.

SIM swapping has also been utilized to hijack high-profile social media accounts. Hackers gain control over a victim’s phone number to reset passwords, effectively taking over their social media profiles. This can lead to reputational damage, spread misinformation, and even have broader societal implications when influential figures are targeted.

In more generalized instances, SIM swapping is used for identity theft and financial fraud. Attackers compromise victims’ mobile numbers, access email accounts, and manipulate password resets to infiltrate bank accounts, credit cards, and online services. The consequences extend to financial loss, compromised personal information, and reputational damage.

SIM swapping can also lead to the unauthorized access of sensitive business information. For individuals working in corporate environments, having their mobile number compromised can provide hackers with access to corporate email accounts and other sensitive data. This presents a significant security risk for businesses, particularly if employees have access to proprietary or confidential information.

In response to the escalating threat of SIM swapping, businesses and individuals are taking proactive measures to secure against its risks:

  • Enhanced Authentication Methods – One of the most crucial steps is moving away from SMS-based two-factor authentication (2FA) and adopting more secure methods, such as time-based one-time passwords (TOTP) generated by authenticator apps or hardware tokens. These methods are not reliant on SMS, making it significantly more challenging for attackers to intercept authentication codes.
  • Account Recovery Protocols – Individuals and businesses are revisiting their account recovery options. Rather than relying solely on mobile numbers for account recovery, they are adding alternative methods, like backup email addresses and security questions. This adds an extra layer of security, making it more difficult for attackers to take control of accounts.
  • Mobile Carrier Security Measures – Mobile carriers are increasingly implementing stronger identity verification processes before issuing a new SIM card or transferring phone numbers. They are also working on improving their customer support training to detect and prevent fraudulent SIM swap attempts. Additionally, some carriers offer services that allow customers to set up PINs or passphrases to protect their accounts from unauthorized changes.
  • Security Awareness and Education – Raising awareness about SIM swapping and its risks is crucial. Both businesses and individuals need to educate themselves and their employees about the potential threats and how to protect against them. Regular security training and reminders about best practices can go a long way in reducing the risk of falling victim to SIM swapping attacks.

Conclusion

SIM swapping has emerged as a serious and evolving threat in the digital age, with real-world use cases that demonstrate its potential for financial loss, reputational damage, and compromised security. The response to this threat involves the adoption of more secure authentication methods, robust account recovery protocols, cooperation with mobile carriers, and ongoing security awareness efforts, all aimed at mitigating the risks associated with SIM swapping.

Experience the World’s Most Advanced Cybersecurity Platform

See how our intelligent, autonomous cybersecurity platform harnesses the power of data and AI to protect your organization now and into the future.