Fraud prevention – protecting yourself from SIM-swap fraud
Posted by Heath Robinson on November 12th, 2024.
Your safety and the security of your money is our highest priority, and we implement stringent safeguarding measures to protect all our customers. However, it’s also important for you to take steps to shield yourself from fraud.
To assist you in identifying potential scams and staying secure, we are publishing a series of articles focused on fraud protection. This article specifically addresses SIM-swap fraud.
What is SIM-swap fraud?
SIM-swap fraud, also referred to as’simjacking’ or’simcard hacking,’ involves scammers gaining control of your phone number and accounts by tricking your mobile network provider into activating a SIM card under their control.
Once they have access to your number, scammers can intercept your calls and texts, gaining control of personal details and online accounts.
With many services now relying on two-factor authentication via SMS or phone calls, this type of fraud can lead to significant damage, including unauthorised access to banking information.
An example of SIM-swap fraud
Through souring social media, a scammer is able to gather personal details about Andrea. This includes details such as her phone number, address, and full name. Armed with this information, the scammer then contacts Andrea’s mobile network provider.
Pretending to be Andrea, the scammer claims to have lost her SIM card and requests a replacement. The scammer provides enough information to convince the representative that they are the legitimate account holder.
After completing the SIM card transfer, the scammer gains full control over Andrea’s phone number. Andrea, meanwhile, is left without service as her SIM is deactivated.
With control of Andrea’s phone number, the scammer can now intercept calls and texts, reset passwords, and access accounts using two-factor authentication. The scammer uses Andrea’s compromised accounts for malicious purposes, including unauthorised transactions, identity theft, or gaining sensitive information. By the time Andrea realises what has happened, her account is linked to several cases of fraud.
Five tips on how to protect yourself
- Use multi-factor authentication wisely
If possible, try to use a two-factor authentication system that doesn’t rely primarily on SMS or phone calls. Consider using authentication apps like Google Authenticator or Authy for additional security measures.
In addition, try to ensure that your accounts have additional layers of protection. Those with backup codes or other recovery options will help to further strengthen your defences.
- Secure your mobile account
Protect your mobile carrier account with a unique, strong PIN or password. Avoid using easily guessable PINs or passwords, and ask your carrier about additional security options, such as requiring a PIN for any account changes.
- Monitor your online accounts regularly
Ensure you are regularly checking your various financial, email, and social media accounts for any unusual or unauthorised activity. Ideally, make your social media profiles private to limit the personal information scammers can access.
Consider signing up for account activity alerts, which will notify you of any changes or suspicious activity.
- Beware of unsolicited communication
You should always be cautious when receiving any unexpected calls, emails, or messages claiming to be from your mobile provider or another service. Scammers may combine phishing attacks with SIM-swap fraud to obtain your personal data.
Verify the legitimacy of any request for personal information before providing your details, especially if the contact was unsolicited.
- Consider your account recovery options
When setting up account recovery options, avoid using easily accessible information, such as names of pets or relatives, which could be exploited by scammers. Stay informed about the latest security practices and update your passwords regularly.
Additionally, review your privacy settings to minimise the amount of information visible online, and report any suspicious activity to your service providers.
If someone targets you
If you suspect you’re a victim of SIM-swap fraud, it’s crucial to act quickly to minimise the damage.
Contact your mobile carrier immediately to inform them of the attack. They can cancel the scammer’s SIM card and restore control of your phone number to you. It’s also essential to alert your bank, credit card companies, and other relevant service providers to secure your accounts.
You may also want to report it to Action Fraud by calling 0300 123 2040 or by using their online reporting tool, and you can report it to the FCA.
If you’ve been a victim of fraud, you can also get free specialist help from Victim Support.
More information on identity fraud
For additional resources on mobile phone security, you can visit your network provider’s website for articles and tips. The FCA website also has a register and warning list for consumers, helping you stay informed about fraud risks.
For more information on how to detect and protect yourself from identity fraud, visit the CIFAS and Action Fraud websites, which both offer plenty of useful resources and guidance.
Another excellent resource is Stop ID Fraud, which is dedicated to identity fraud and theft, while Take Five is a national anti-fraud campaign run by the trade association UK Finance.
Finally, if you’re worried that your TorFX account may be at risk, contact us as soon as possible and we’ll be happy to help. You can also download our app, or use our online platform to keep an eye on your transfers.
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