SIM swapping attacks are on the rise, and Financial and Risk Advisory firm Kroll has been the latest high-profile victim.
Kroll recently disclosed that one of their employees fell victim to a “highly sophisticated” SIM swapping attack. This enabled an unknown assailant to access specific documents that included the personal data of individuals filing for bankruptcy in the cases of BlockFi, FTX, and Genesis.
But what exactly does a SIM swapping attack entail, and how can you prevent falling victim? We take a look in this blog.
What Is a SIM Swapping Attack?
A SIM swapping attack, also known as a SIM card swap attack, SIM hijacking, or SIM splitting, is a type of cyber attack in which an attacker fraudulently takes control of an individual’s mobile phone number by convincing the victim’s mobile carrier to transfer the phone number to a SIM card controlled by the attacker.
This attack is primarily aimed at bypassing two-factor authentication (2FA) mechanisms that rely on sending verification codes to the victim’s mobile phone.
How Does a SIM Swapping Attack Work?
1. Gathering Information: The attacker gathers personal information about the victim, such as their full name, date of birth, and other identifying details. This information can often be obtained through social engineering, data breaches, or other means.
2. Contacting the Mobile Carrier: The attacker contacts the victim’s mobile carrier’s customer support, pretending to be the victim. They might claim that they lost their phone or need to activate a new SIM card. They provide the personal information they’ve gathered to convince the carrier’s customer support that they are the legitimate account holder.
3. SIM Card Activation: Once the attacker successfully convinces the carrier’s customer support, they request the victim’s phone number to be transferred to a new SIM card owned by the attacker. The attacker may provide various reasons for the request, such as a lost or damaged SIM card.
4. Phone Number Takeover: The carrier transfers the victim’s phone number to the new SIM card controlled by the attacker. This effectively gives the attacker control over the victim’s phone number and any communications, calls, and text messages associated with it.
5. Account Access and 2FA Bypass: With control over the victim’s phone number, the attacker can receive any 2FA codes or authentication messages that are sent via SMS to the victim’s phone. This allows the attacker to gain unauthorized access to the victim’s accounts that rely on phone-based 2FA.
6. Account Compromise: The attacker can then use the compromised accounts for various malicious activities, such as unauthorised access to email accounts, social media profiles, financial accounts, and more.
How to Prevent a SIM Swapping Attack
Use App-Based 2FA: Whenever possible, opt for two-factor authentication methods that do not rely solely on SMS. App-based authentication apps like Google Authenticator or hardware tokens provide more security against SIM swapping attacks.
Contact the Mobile Carrier: If you suspect your phone has been compromised or if you suddenly lose service, contact your mobile carrier immediately to verify any recent SIM card changes.
Strengthen Account Security: Use strong and unique passwords for your accounts. Consider using a password manager to help manage your credentials securely.
Monitor Your Accounts: Regularly review your accounts for any unauthorised activities or changes.
Limit Personal Information Sharing: Be cautious about sharing personal information online or on social media, as attackers often use this information for social engineering purposes.
Carrier Security Measures: Some mobile carriers offer additional security measures like PINs or passwords that need to be provided before making account changes. Enable these if available.
SIM Swapping attacks are on the rise, and they can have devastating consequences. By staying vigilant and employing strong security practices, you can reduce the risk of falling victim to a SIM swapping attack.
If you’ve fallen victim to a SIM Swapping attack or any other cyber attack, remember – it’s crucial to act quickly. At 3B Data Security, our expert team is always here to help. We specialise in helping businesses and individuals recover from cyber attacks, and implement strong security measures to prevent future attacks.
Contact us today for a free consultation. Our team of experts will assess your situation, provide tailored recommendations, and guide you through the recovery process. Remember, the sooner you act, the better your chances of minimising the damage.
Don’t leave your digital security to chance. Take control of your cyber safety.
