● CRITICAL THREAT

SIM Swap Attack

An attacker convinces your carrier to move your number to their SIM, and suddenly your texts — including two-factor codes — are theirs. From there they drain bank and crypto accounts in minutes. Lock your account with the carrier and move off SMS-based two-factor where you can; app-based codes do not travel with a stolen number.

Losses: $68 million in SIM swap losses (FBI 2021) — likely much higher unreported

Targets: Cryptocurrency holders, high-net-worth individuals, executives, influencers

Updated: 2026-01-07

Also known as: SIM Hijacking · SIM Jacking · Port-Out Scam · Number Porting Fraud

How It Works

SIM swapping bypasses two-factor authentication by stealing your phone number. **How it works:** 1. Attacker gathers info about you (social media, data breaches, phishing) 2. They call your carrier pretending to be you, claiming lost/stolen phone 3. They convince the carrier to transfer your number to their SIM 4. Your phone loses service; their phone receives your calls and texts 5. They receive all your 2FA codes 6. They reset passwords and drain accounts **What gets compromised:** - Bank accounts (password reset via SMS) - Cryptocurrency exchanges and wallets - Email accounts - Social media accounts - Any account using SMS 2FA **How they get carrier access:** - Social engineering customer service - Phishing your carrier account PIN - Bribing carrier employees (documented cases) - Using personal info from data breaches

How Scammers Make Contact

Phone carrier social engineeringBribed carrier employeesPhishing for account PINs

Warning Signs & Red Flags

Phone suddenly shows "No Service" or "Emergency Calls Only"
Unable to make calls or send texts
Receive email notifications about password changes you didn't request
Carrier notifies you of SIM change you didn't make
Locked out of accounts unexpectedly
Receive alerts about login attempts you didn't make
Bank or crypto exchange alerts about withdrawals

Real-World Example

"I noticed my phone had no service while at dinner. I thought it was a network issue. By the time I got home and connected to WiFi, someone had drained $800,000 in cryptocurrency from my Coinbase account. They SIM swapped my phone, received my 2FA codes, and took everything in under two hours."
— Vice Motherboard Investigation, 2023

How to Protect Yourself

Set a PIN/passcode with your carrier that's required for any account changes
Use authenticator apps (Google Authenticator, Authy) instead of SMS 2FA
Use hardware security keys (YubiKey) for critical accounts
Enable "Number Lock" or "Port Freeze" with your carrier if available
Never share your carrier PIN or account info
Use unique email for crypto/financial accounts
Consider Google Voice or similar as 2FA number (harder to SIM swap)
Limit personal info shared on social media

What To Do If You're a Victim

1Contact your carrier IMMEDIATELY to regain control of your number
2Contact banks and crypto exchanges to freeze accounts
3Change passwords on all important accounts using a computer (not affected phone)
4Enable non-SMS 2FA on all accounts
5File a police report
6Report to FBI IC3 at ic3.gov
7Contact credit bureaus to place fraud alerts
8Document all losses for potential legal action

Report This Scam

FTC Report Fraud FBI IC3 Identity Theft

Frequently Asked Questions

What is SIM Swap Attack?

What are the warning signs of SIM Swap Attack?

Phone suddenly shows "No Service" or "Emergency Calls Only". Unable to make calls or send texts. Receive email notifications about password changes you didn't request. Carrier notifies you of SIM change you didn't make. Locked out of accounts unexpectedly.

How do I protect myself from SIM Swap Attack?

Set a PIN/passcode with your carrier that's required for any account changes. Use authenticator apps (Google Authenticator, Authy) instead of SMS 2FA. Use hardware security keys (YubiKey) for critical accounts. Enable "Number Lock" or "Port Freeze" with your carrier if available.

What should I do if I'm a victim of SIM Swap Attack?

Contact your carrier IMMEDIATELY to regain control of your number. Contact banks and crypto exchanges to freeze accounts. Change passwords on all important accounts using a computer (not affected phone). Enable non-SMS 2FA on all accounts.

How serious is this threat?

We rate this critical — among the most damaging schemes we track. Reported losses: $68 million in SIM swap losses (FBI 2021) — likely much higher unreported. Most exposed: Cryptocurrency holders, high-net-worth individuals, executives, influencers.

Can I get my money back?

Recovery depends on how you paid. Credit card payments may be reversed through chargebacks, while wire transfers and cryptocurrency are rarely recoverable. Report immediately to your bank and file complaints with the FTC at reportfraud.ftc.gov and the FBI IC3 at ic3.gov.

How do I report SIM Swap Attack?

Report to the FTC at reportfraud.ftc.gov. For internet crimes, file with the FBI IC3 at ic3.gov. For identity theft, visit identitytheft.gov. You should also contact your local police and your bank.

Sources & References

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