CRITICAL THREAT
SIM Swap Attack
Criminals convince your phone carrier to transfer your number to their SIM card, then intercept 2FA codes to drain bank accounts and crypto wallets.
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
1How 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
2Warning 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
3Real-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
4How 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
5What 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
?Frequently Asked Questions
What is SIM Swap Attack?
Criminals convince your phone carrier to transfer your number to their SIM card, then intercept 2FA codes to drain bank accounts and crypto wallets. 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...
How common is this type of scam?
SIM Swap Attack is classified as a critical risk threat. Reported losses: $68 million in SIM swap losses (FBI 2021) — likely much higher unreported. This primarily targets 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. Wire transfers and cryptocurrency are rarely recoverable. Report immediately to your bank and file complaints with the FTC at reportfraud.ftc.gov and FBI IC3 at ic3.gov.
How do I report this?
Report to the FTC at reportfraud.ftc.gov. For internet crimes, file with FBI IC3 at ic3.gov. For identity theft, visit identitytheft.gov. Also contact your local police and your bank.
Sources & References
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