Fraud & Cybersecurity Awareness

Protect Yourself from SIM Swapping: A Growing Threat to Your Digital Security

In today’s digital world, the increasing reliance on smartphones for communication, banking, and two-factor authentication (2FA) has unfortunately also made us vulnerable to a growing threat: SIM swapping. Also known as SIM hijacking, this type of cybercrime occurs when a fraudster takes control of your phone number by convincing your mobile provider to transfer it to a new SIM card under their control. This allows the criminal to intercept your calls, text messages, and 2FA codes, putting your accounts and sensitive information at risk.

Here’s how SIM swapping works:

How SIM Swapping Happens

1. Gathering Information:
   Cybercriminals begin by collecting personal information about their target. This could include your name, address, phone number, and other details, often harvested from social media, phishing attempts, or data breaches.

2. Impersonating the Victim:
   Once they have the necessary information, the fraudster contacts your mobile network provider pretending to be you. Using the gathered data, they convince the provider that they are the legitimate account holder.

3. Transferring the Number:
   The fraudster then requests that your phone number be transferred to a new SIM card under their control. If successful, they now have access to your phone number and everything associated with it.

4. Intercepting Communications:
   With the phone number under their control, the criminal can intercept incoming calls and texts, including crucial 2FA codes, which are often used to verify your identity and secure your accounts.

5. Gaining Access to Accounts:
   Using the 2FA codes, the fraudster can reset passwords, change account details, and potentially steal funds or sensitive data from your financial accounts, including online banking services like Fidelity Bank.

Signs You May Be a Victim of SIM Swapping

It’s important to recognize the signs of a potential SIM swap so you can take immediate action to protect yourself. Here are a few red flags:

• Sudden Loss of Cell Service: If your phone suddenly loses service and displays no signal, this could be a sign that your number has been transferred.

• Calls Going Straight to Voicemail: If calls are bypassing your phone and going directly to voicemail, your number may have been hijacked.

• Missing Two-Factor Authentication (2FA) Messages: If you no longer receive text messages with your 2FA codes, someone else may be intercepting them.

• Password Reset Notifications: Receiving notifications that your password has been reset or changed, especially if you didn’t request it, is a major warning sign.

• Locked Out of Your Phone: If you're unable to access your phone or are asked to re-enter your SIM card’s PIN unexpectedly, it may indicate that a fraudster has gained control of your account.

What to Do if You Suspect a SIM Swap

If you suspect that your phone number has been hijacked, act quickly:

1. Turn Off Your Phone: Immediately power off your phone to stop any further unauthorized access.

2. Disconnect Wi-Fi: Turn off your Wi-Fi to avoid any communication that might be hijacked through it.

3. Contact Your Mobile Provider: Call your mobile network provider immediately to ask whether your number has been re-assigned to a different SIM card. Make sure to set up a secure PIN for your mobile account to prevent further fraud.

4. Verify Identity with Your Provider: Be aware that your provider will ask for a PIN you’ve set up, not your social security number, when verifying your identity.

How to Protect Yourself from SIM Swapping

While SIM swapping can be alarming, there are steps you can take to safeguard your phone, your accounts, and your personal information:

1. Use Strong Passwords:
   For all your online accounts, including Fidelity Bank, make sure you’re using strong, unique passwords that are hard for criminals to guess.

2. Enable Multi-Factor Authentication (MFA):
   Whenever possible, enable MFA on your Fidelity Bank account and other important accounts. This extra layer of security makes it much harder for fraudsters to gain access.

3. Consider Alternative Security Methods:
   Instead of relying solely on SMS-based 2FA codes, consider using USB security keys or an authenticator app, which are more secure and not susceptible to SIM swapping.

4. Be Vigilant:
   Regularly check your accounts for any unauthorized activity. If you notice anything suspicious, report it to Fidelity Bank immediately.

5. Protect Your Wireless Account:
   If you believe your wireless account has been compromised, contact your wireless provider right away. Ask them to implement additional security measures like a PIN or password for your account.

6. Report Suspicious Activity:
   If you’ve fallen victim to SIM swapping, report it to the Federal Trade Commission (FTC) at identitytheft.gov and the FBI's Internet Crime Complaint Center at ic3.gov.

7. Use Separate Email Accounts:
   To reduce the risk of a cybercriminal gaining access to both your banking and social media accounts, use separate email addresses for online banking and financial transactions versus your social media accounts.

Final Thoughts

SIM swapping is a real and growing threat that can have serious consequences if you’re not careful. By staying vigilant, protecting your wireless account, and using strong security measures like multi-factor authentication, you can help safeguard yourself from falling victim to this type of fraud.

At Fidelity Bank, we’re committed to ensuring the safety and security of our customers. If you have any concerns about your account or need assistance, don’t hesitate to contact us.

Stay safe, and take steps today to protect your personal information!