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Protecting Yourself from SIM Swap Fraud
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SIM swap fraud is not the easiest action for a fraudster to pull off, but when a fraudster manages to hijack your phone number with a SIM card swap, it can leave victims trying to deal with the damage of the act.
Many apps and sites that store our valuable information use our phone numbers to verify that we are who we say we are when logging into our accounts or making changes to them. SIM cards (subscriber identity modules) are plastic-mounted chips that store phone numbers and other information that identifies phones to their carriers. When a fraudster is able to gain access to a SIM card, they can gain access to a wealth of information.
Typically, fraudsters would start with using phishing emails to get a victim to divulge some of the information to gain access to a target account. Eventually, once they gain access to the account they need, they may end up contacting the phone carrier pretending to be the victim saying that they need a SIM card swap. If they succeed, it could leave the information on the SIM card in the fraudster's hands.
The best way to protect yourself against SIM swap fraud is to be able to recognize the early signs of it happening. For instance, your phone may suddenly stop working well. Calling your carrier's customer service can help you figure out what the problem is and act quickly. Additionally, when choosing security questions for accounts, pick questions and answers that wouldn't be able to be found by researching.
Merchants should always be aware of the ways that their customers' identities and online accounts may be compromised. Businesses who experience a high volume of fraudulent transactions and chargebacks may choose to utilize a third-party company like Chargeback Gurus to help them develop a fraud and chargeback prevention strategy specific to their needs and vulnerabilities.
Read the article:
©Chargeback Gurus 2021
Production: Emily Woodward
Narration: Sarah Rife
SIM swap fraud is not the easiest action for a fraudster to pull off, but when a fraudster manages to hijack your phone number with a SIM card swap, it can leave victims trying to deal with the damage of the act.
Many apps and sites that store our valuable information use our phone numbers to verify that we are who we say we are when logging into our accounts or making changes to them. SIM cards (subscriber identity modules) are plastic-mounted chips that store phone numbers and other information that identifies phones to their carriers. When a fraudster is able to gain access to a SIM card, they can gain access to a wealth of information.
Typically, fraudsters would start with using phishing emails to get a victim to divulge some of the information to gain access to a target account. Eventually, once they gain access to the account they need, they may end up contacting the phone carrier pretending to be the victim saying that they need a SIM card swap. If they succeed, it could leave the information on the SIM card in the fraudster's hands.
The best way to protect yourself against SIM swap fraud is to be able to recognize the early signs of it happening. For instance, your phone may suddenly stop working well. Calling your carrier's customer service can help you figure out what the problem is and act quickly. Additionally, when choosing security questions for accounts, pick questions and answers that wouldn't be able to be found by researching.
Merchants should always be aware of the ways that their customers' identities and online accounts may be compromised. Businesses who experience a high volume of fraudulent transactions and chargebacks may choose to utilize a third-party company like Chargeback Gurus to help them develop a fraud and chargeback prevention strategy specific to their needs and vulnerabilities.
Read the article:
©Chargeback Gurus 2021
Production: Emily Woodward
Narration: Sarah Rife
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