What Is SIM Swapping?

By Daniel Zinanti, Information Security Analyst, TraceSecurity

In the modern security landscape, we protect our accounts with strong passwords, enable multi-factor authentication (MFA), and remain on the lookout for phishing attempts. Yet, one of the most overlooked vulnerabilities isn’t a weak password or a malicious email. It is your phone number.

A growing number of cybercriminals are exploiting this single point of failure through a technique known as SIM swapping, also known as SIM porting fraud. With nothing more than a phone call and a few pieces of stolen information, attackers can hijack your number, intercept security codes, and take over your most sensitive accounts – often in under an hour. In this article. We’ll break down how SIM swapping works, why it’s so dangerous, and what you can do to prevent it.

What Is SIM Swapping?

SIM swapping is a type of social engineering attack in which a criminal convinces a mobile carrier to transfer a victim’s phone number to a new SIM card that the attacker controls. Once the swap is complete, the attacker’s phone becomes the new destination for all calls and text messages, including one-time passcodes (OTPs), password reset links, and MFA tokens.

This effectively gives the attacker the keys to your digital life. Because so many accounts rely on phone numbers for verification, a successful SIM swap can allow an attacker to bypass even strong security controls and gain full access to your email, bank accounts, and more.

How SIM Swapping Works

Although the specific techniques vary, most SIM swap attacks follow a similar pattern:

1. Reconnaissance and Data Collection
   Attackers gather personal information about the target, the target's name, date of birth, address, and even partial Social Security numbers. This information is often obtained through phishing, data breaches, or information shared publicly on social media.
2. Social Engineering the Carrier
   Using the stolen data, the attacker contacts the victim’s mobile provider and impersonates them. They might claim they’ve lost their phone, upgraded devices, or need to “port” their number. If the carrier’s verification process is weak, the attacker convinces them to activate a new SIM card under the victim’s number.
3. Number Takeover
   Once the carrier completes the transfer, the victim’s phone immediately loses service. The attacker’s device now receives all calls and texts. This includes authentication codes.
4. Account Takeover
   With control of the phone number, the attacker resets passwords, bypasses SMS-based MFA, and locks the victim out of critical accounts such as email, social media, crypto wallets, and online banking.

The Real-World Impact

The consequences of a SIM swap can be devastating and far-reaching:

• Financial Theft: Attackers use intercepted verification codes to move money, drain bank accounts, or steal cryptocurrency.
• Identity Fraud: Stolen accounts are used to impersonate victims, scam contacts, or apply for credit in their name.
• Business Risks: Compromised email or collaboration accounts can lead to data breaches, corporate espionage, or reputational damage.

Even security-savvy individuals, including technology executives, investors, and cybersecurity professionals, have fallen victim. In several high-profile cases, criminals have stolen millions of dollars’ worth of digital assets through nothing more than a SIM swap.

How to Protect Yourself and Your Organization

While SIM swapping is a serious threat, it’s also preventable with the right precautions. Both individuals and organizations should consider the following best practices:

1. Add a Carrier PIN or Port Lock
   Contact your mobile carrier and request a PIN, password, or port-lock on your account. This extra verification step makes it significantly harder for attackers to impersonate you.
2. Avoid SMS-Based MFA
   SMS is convenient but insecure. Instead, use:
   • Authenticator apps like Google Authenticator, Authy, or Microsoft Authenticator
   • Hardware security keys (e.g., YubiKey or Titan Key) that provide strong, phishing-resistant MFA
3. Harden Your Account Recovery Settings
   Review all recovery options for your online accounts. Remove outdated phone numbers or email addresses, and enable alerts for any password changes or new device sign-ins.
4. Limit Your Digital Footprint
   Think twice before sharing personal details online. The less information attackers can gather about you, the harder it is for them to impersonate you during a carrier call.
5. Educate Employees and Family

Because SIM swaps often start with phishing or social engineering, regular security awareness training is critical, both at work and at home.

What to Do If You Suspect a SIM Swap

If your phone suddenly loses service without explanation, don’t ignore it. Every second counts. Here’s what to do immediately:

1. Call your mobile carrier from another device and explain that you suspect a SIM swap. Ask them to freeze your account and restore service to your original SIM.
2. Change passwords on all critical accounts, starting with email, financial platforms, and social media.
3. Switch your MFA method from SMS to an authenticator app or hardware key.
4. Contact your credit union and other financial institutions to enable fraud alerts and freeze accounts if necessary.
5. File a report with the Federal Trade Commission (identitytheft.gov) and the FBI’s Internet Crime Complaint Center (IC3).
6. Enable credit monitoring to detect identity fraud early.

SIM swapping is one of the most effective and fastest-growing forms of account takeover today. As attackers continue to exploit phone-based authentication, both individuals and organizations must evolve their security practices. The bottom line is simple: your phone number should never be treated as your identity.

By adding stronger layers of authentication, securing your carrier account, and reducing your exposure to social engineering, you can significantly reduce the risk of falling victim to this type of attack. In cybersecurity, the smallest details often make the biggest difference. Protecting your phone number is one of those details.

Connect with TraceSecurity to learn more.