Sim Swap Attack: Recently a new scam has come into the news when the official X account of the Securities and Exchange Commission was hacked. This incident took place almost a month ago with the US regulator. The organisation recently informed that it was caught in a Sim Swap Attack. The regulator also said that its X handle was not encrypted with the Multi-Factor authentication. Check more details below.
In a statement, the regulator said: “The SEC determined that the unauthorized party obtained control of the SEC cell phone number associated with the account in an apparent ‘SIM swap’ attack’. Once in control of the phone number, the unauthorized party reset the password for the @SECGov account.
What is Sim Swapping Attack?
Sim Swapping Attack is a type of scam in which hackers take control of the victim’s contact number by persuading customer representatives of the telcos to transfer the same number to a new device.
How it works?
Information Gathering
Hackers gather personal information about you, like your date of birth, address, and phone number. This can be through data breaches, social media or even phishing attacks.
Contacting Your Carrier
With your information, they contact your mobile carrier and pretend to be you. They might claim to have lost their phone or need a SIM card replacement due to damage.
Porting the Number
Through social engineering or exploiting vulnerabilities in the carrier’s security, they convince the carrier to transfer your phone number to a new SIM card they control.
Taking Over Your Accounts
Once they have your number, they can intercept verification codes sent via SMS, gain access to your online accounts, and even reset passwords. This allows them to steal your money, impersonate you and wreak havoc on your digital life.
How to Prevent Sim Swap Attacks
- Be cautious about what information you share online and be wary of phishing scams.
- Always Use strong passwords and enable two-factor authentication
- Don’t rely solely on SMS for two-factor authentication. Consider using authenticator apps or security keys.
- Many carriers offer a PIN as an extra layer of security for SIM card replacements. Prefer setting a pin for enhanced security.
- Monitor your accounts for suspicious activity and report any irregularities to your bank, social media platforms, and mobile carrier immediately.
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