SIM swap fraud for hacking of strong MFA identification

02/11/2020

SIM swap fraud (also known as SIM splitting and SIM hijacking) is a form of phone account fraud that is usually aimed at overcoming 2-step authentication and multi-step authentication where the second party is either a text message (SMS) or a call that is forwarded to a mobile phone.
• Once the attacker has obtained personal information, he contacts the victim's cellphone provider. The attacker uses social engineering techniques to convince the telephone company to pass the victim's phone number to the fraudster's sim. This is  done, for example, by impersonating the victim while displaying personal details to show authenticity and claiming to have lost his phone.
• In many cases, SIM numbers are changed directly by telecom company employees who have been bribed by criminals
• Once this happens, the victim's phone will lose the network connection and the cheater will receive all SMS and voice calls intended for the victim. If you have lost the ability to connect to your mobile device, this could be a sign of hijacking a SIM.
What to do: The first thing anyone who suspects should do is call their mobile provider. Many providers offer the option of requiring a personal identification number to replace SIM cards. Calling your mobile provider and setting up such a PIN code or notifying them of a suspected SIM theft can prevent or block the fraud. When mobile providers make a change to your account, they will send you an email confirming the changes. If you are not sure what is happening or you do not recognize the deal, call them right away. The earlier you call, the easier it will be to minimize the damage.