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SIM Swapping, hackers’ new tactic to steal bank accounts

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Check Point Software warns of the dangers of SIM Swapping, a technique used by hackers in which a victim’s SIM card is duplicated. The main objective is to escape the double authentication systems implemented in some online services (namely, online banking).

To duplicate a SIM card, data such as the citizen’s card, telephone number and full name are required. Cyber ​​attackers resort to phishing tactics to obtain it. The hardest part, however, is doing the duplication itself. It is at this stage that hackers resort to operators who allow the card to be replaced by a new one over the Internet or by phone, although in some cases they have even gone to a physical store posing as the victim.

Once the desired SIM card is obtained, the attacker only has to insert it into a device to access all the victim’s information. Starting with calls and logging SMSs, from this moment on, control is completely in your hands. Accessing the banking application and financial transactions for other accounts will be easy. Furthermore, even if a verification code is required to do so, the attacker has access to the customer’s mobile line, so all you have to do is copy and paste the code you receive.

Check Point shares top recommendations to avoid falling victim to this threat

  1. As always, pay attention to personal data. It is the basis of most attacks and when the objective is to duplicate a SIM card it is no different. That’s why it’s so important to pay attention to the web pages you visit daily, that is, to check that the portal in question is official and has different security measures, namely, the encrypted connection. Look for the padlock at the beginning of the URL and the HTTPS indication. If you don’t include the final S, it could be a risk page.
  1. Phishing Alert! Knowing phishing tactics is essential to not be the next victim. Be aware of the emails and SMS you receive, check that the sender is known, check the email for spelling errors, be aware of domains to detect if it is fraudulent, links or attachments… Phishing is hidden in the details. The user must be aware of all these characteristics and learn to detect them in order to avoid the theft of personal information.
  1. Attention to the mobile network. Knowing if you’ve been the victim of a SIM swap is relatively simple. If a cybercriminal manages to make a duplicate SIM card, the affected phone will have a mobile line without service and will completely lose coverage. As a result, the device will no longer be able to receive calls and SMS. If this is the case, contact the authorities and the operator, so that they can deactivate it and carry out the corresponding process to recover the victim’s data.

“It is more than evident that cybercriminals do everything to invent new ways to steal potential victims’ data and thus achieve their goals. Imagination has no limits. That’s why it’s so urgent for users to acquire cybersecurity knowledge, because only then will they be able to detect the signs of attack. Not being aware of the small clues that threats leave, the risk gets worse, as do the potential consequences that can range from identity forgery to financial losses and much more.”

Rui Duro, Country Manager at Check Point Software Technologies in Portugal

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