SIM-Swapping: The New Identity Theft Trend You Must Know

Two-Factor Authentication (2FA) is considered a key tool for protecting our online accounts. However, while 2FA aims to make our data more secure, it inadvertently opens the door to a new threat: SIM swapping. 

SIM swapping, also known as SIM hijacking, is a cyberattack where threat actors gain control of a victim’s phone number by transferring it to a SIM card the attacker holds, thus diverting all incoming traffic onto the new SIM card.

Join us as we use Lunar, Webz.io’s dark web monitoring tool, to investigate illicit activity on deep and dark web networks.

How do hackers take over a victim’s SIM?

#1 Obtaining personal information on the dark web

 In order to execute this attack, the threat actor must be equipped with the victim’s personal information, such as full name, date of birth, living address, SSN, phone number, and carrier provider.

# 2 Exploiting vulnerabilities and social engineering tactics

Armed with stolen personal information, hackers exploit vulnerabilities within phone carrier companies. Through sophisticated social engineering tactics, they impersonate victims and deceive customer service representatives into transferring the victim’s number to a SIM card wielded by the attacker.

The dangers of  SIM-swapping – what is at stake?

Identity theft and account takeover

A successful SIM swap grants attackers complete access to a victim’s digital identity, as many financial, social, and governmental services require connection to the user’s phone number.

Financial loss

A confirmation number by text is sometimes all that is needed to reset a password to a bank account. It only takes one successful attempt at sim swapping and some basic information in order to gain full access to a person’s bank account.

Social media impersonation

In 2019, former CEO of Twitter Jack Dorsey had his Twitter account compromised due to a SIM-swapping hack. The threat actor who took over his account went on to retweet a series of racist and offensive tweets. While eventually gaining back access to his account, the damage to his reputation had already been done.

How threat actors collaborate on SIM swapping on the dark web

Threat actors involved with SIM swapping activities often to hacking forums, marketplaces, and fraud sites for various purposes. Here are some of the discussions taking place revolving around SIM-swapping attacks:

•  Trade, exchange and publication of personal information that can be used for SIM swapping.
•  Collaborative material such as guides, services, and assistance with executing  SIM-swapping attacks.
•  Exchange of new relevant methods and techniques as they emerge.

How can monitoring the dark web help protect companies and individuals?

Vigilantly monitoring the dark web for signs of compromised personal information and emerging techniques is crucial in combating SIM-swapping attacks. Early detection can help prevent damage and protect individuals and companies from major financial losses. Lunar, our dark web monitoring tool, helps individuals and businesses combat cybercrime effectively. Offering real-time alerts, data breach monitoring, and extensive dark web surveillance, Lunar helps organizations remain proactive and secure in an increasingly challenging digital landscape.