A fraud threat that’s re-emerging is SIM swapping—a deceptive technique cybercriminals use to gain access to your phone number and, ultimately, your sensitive financial information.

What Is SIM Swapping?

SIM swapping, also known as SIM hijacking, occurs when fraudsters manipulate a mobile phone carrier into transferring a victim’s phone number to a new SIM card under their control. Once they have access to the number, they can intercept calls and text messages, including those used for two-factor authentication (2FA) codes like the ones we use at INB. This allows them to reset passwords, take over email and banking accounts, and, in some cases, steal money directly.

How Does SIM Swapping Happen?

Fraudsters use these methods to get the information they need to execute a SIM swap:

• Social Engineering: Cybercriminals impersonate you and convince a mobile carrier’s customer service representative to transfer your number to a new SIM card.
• Phishing Attacks: Attackers gather personal details (such as your date of birth, Social Security number, or account details) through fake emails, phone calls, or social media scams.
• Data Breaches: If your information has been leaked in a breach, criminals may use it to impersonate you when contacting your phone carrier.

If you’re unexpectedly not getting calls or text messages, ask someone you trust to call you.  If the call goes elsewhere, it’s time to contact your cell phone provider.

The Risks to Banking Customers

For banking customers, SIM swapping is particularly dangerous because many financial institutions rely on SMS-based authentication for account security. If a fraudster gains control of your phone number, they can:

• Receive 2FA codes and gain access to your online banking accounts.
• Reset passwords for services linked to your phone number. Services include email, which can then be used to reset passwords for other services.
• Authorize fraudulent transactions, potentially draining your accounts before you even realize what’s happening.

How to Protect Yourself from SIM Swapping

1. Use App-Based Authentication Instead of SMS

Instead of relying on SMS for two-factor authentication, switch to an authenticator app like Google Authenticator, Duo or Microsoft Authenticator. These apps generate codes that are not tied to your phone number, making them more secure.

2. Set Up a PIN or Passcode with Your Mobile Carrier

Most mobile carriers allow you to add an extra layer of security by requiring a PIN or passcode before making changes to your account. Contact your carrier to set this up if you haven’t already.

3. Be Wary of Phishing Attempts

Never share personal details via email, text, or phone calls unless you initiated the conversation with a trusted source. Scammers often pose as banks, phone companies, or government agencies to trick you into giving up sensitive information.

4. Monitor Your Phone for Unusual Activity

If your phone suddenly loses service or displays an “emergency calls only” message, it could indicate a SIM swap attempt. Contact your mobile provider immediately to check for unauthorized changes.

5. Enable Account Alerts

Set up alerts on your bank accounts to receive notifications for logins, password changes, and transactions. If you receive an alert for an action you didn’t initiate, take immediate steps to secure your account. You can set up these notifications inside of INB’s digital banking service.

What to Do If You Suspect a SIM Swap

If you suspect you’ve been targeted by a SIM swapping attack:

• Contact Your Mobile Carrier Immediately to report the unauthorized transfer and regain control of your number.
• Change Your Passwords for any accounts linked to your phone number, especially financial institutions.
• Alert us! INB will monitor your accounts for suspicious activity.
• Report the Fraud to the Federal Trade Commission (FTC) and your local authorities.

At INB, we take your security seriously. If you ever suspect fraudulent activity on your accounts, contact us immediately. By staying informed and taking proactive security measures, you can better protect yourself from the growing threat of SIM swapping.