Imagine waking up to find your phone has no signal. Minutes later, password reset notifications start flooding your email—or worse, you’re suddenly locked out of your bank account, social media, and cryptocurrency wallet.
This is the all-too-common reality for victims of SIM swap attcak, also known as SIM cloning or fraudulent porting. In this type of attack, criminals hijack your phone number, intercept authentication codes sent via SMS, and gain the keys to steal your entire digital life.
In this article, you’ll learn exactly how the scam works, explore real-world examples, understand why it’s so dangerous, and—most importantly—discover practical steps to safeguard yourself from SIM swap attacks.
What Is a SIM Swap Attack?
A SIM swap attack is a type of fraud in which criminals transfer your phone number to another physical SIM card or eSIM under their control.
Once this transfer is complete, the scammer starts receiving all calls and SMS messages that would normally go to your device—including two-factor authentication (2FA) codes used by banks, social media platforms, email accounts, and cryptocurrency wallets.
The biggest danger of a SIM swap is that, after taking control of your number, the attacker can reset the passwords of nearly any account linked to it—paving the way to steal money, cryptocurrencies, and personal data in a matter of minutes.
How Does a SIM Swap Attack Work?
A SIM swap scam follows a clear process that allows criminals to take control of your phone number and, from there, access your bank accounts, emails, social media, and cryptocurrency wallets.
Here’s a step-by-step breakdown of how the scam unfolds:
1. Collecting Personal Information
The criminal starts by gathering your personal data through phishing schemes, data breaches, or social media. Details such as your full name, government ID number, date of birth, and phone number are often enough to initiate the attack.
2. Tricking the Carrier (Social Engineering)
Using this information, the scammer impersonates you and contacts your mobile carrier to request a SIM card replacement or eSIM activation. They may claim the phone was lost, stolen, or damaged. In more sophisticated cases, employees are bribed to approve the swap without proper verification.
3. Transferring the Number to the Attack´s SIM
Once the carrier completes the swap, your phone loses signal and displays “no service.” From that moment on, all calls and SMS messages are routed to the scammer.
4. Intercepting Authentication Codes (2FA)
With control of your number, the criminal receives SMS authentication codes and resets the passwords for your bank accounts, social media, email, and digital wallets.
5. Full Account Takeover
After gaining access to your primary email, the scammer can unlock all connected accounts—often draining financial accounts within minutes.
Rise in SIM Swap Attacks: Recent Data
The latest figures show that SIM swap attacks are growing at an alarming rate in different parts of the world:
- United States – Multi-Million Dollar Losses
According to the FBI, in 2023 alone, victims of port jacking—another term for SIM swap—lost over $48 million. This figure includes not only the direct theft of funds from bank accounts and cryptocurrency wallets but also additional losses from other fraudulent activities carried out after the breach.
- United Kingdom – Explosive Growth
According to the Fraudscape 2025 report, SIM swap cases in the country jumped from 289 incidents in 2023 to nearly 3,000 in 2024—a 1,055% increase in just one year. This surge is linked to organized crime groups exploiting weaknesses in SMS-based authentication and mobile carriers’ identity verification processes.
- Nature of the Attacks – Repeat Transactions
In 39% of reported cases, criminals didn’t stop at a single fraudulent action. They carried out multiple unauthorized transactions while maintaining control of the victim’s phone line, increasing the losses before the scam was detected.
This data reinforces that SIM swap is not an isolated attack, it is often the gateway to a series of subsequent frauds, making it essential for both users and businesses to adopt preventive measures.
Real-Life Examples of SIM Swap Attcaks
As seen above, SIM swap attacks have already caused multi-million-dollar losses in different countries, affecting everyone from everyday individuals to large corporations and regulatory agencies.
Below are real-world cases of SIM cloning that illustrate how the scam works in practice and the damage it can cause.
Corporate Account Breaches in the United Kingdom (2025)
Among the incidents, criminals used the attacks to gain access to accounts of major retailers such as Marks & Spencer and Co-op, intercepting authentication codes and causing losses of more than £5.35 million.
eSIM Fraud in India (2024)
A family of entrepreneurs lost Rs 7.6 crore (~US $900,000) after criminals activated a fraudulent eSIM linked to the victim’s phone number.
Quick action by the cyber police helped recover Rs 4.65 crore, but the case exposed how eSIM technology can also be exploited in fraudulent number porting schemes.
U.S. SEC Hack (2024)
n 2024, the official Securities and Exchange Commission (SEC) account on X (Twitter) was compromised when a scammer took control of the agency’s phone number.
This allowed them to post false information about Bitcoin ETFs, triggering fluctuations in financial markets before the fraud was discovered.
Why SIM Swap Attacks Are Dangerous
The SIM swap attack is considered one of the most dangerous digital frauds today.
It exploits a critical vulnerability: using a phone number as the key for authentication and account recovery.
Here are the main reasons why SIM swap is so dangerous:
- Full Access to Your Online Accounts
With a cloned number, criminals can intercept SMS authentication codes and reset passwords for:
- Banks and fintech platforms
- Cryptocurrency wallets
- Email and social media accounts
In minutes, they can take over your entire digital life.
- Immediate Financial Theft
Many financial institutions still rely on SMS as a second authentication factor.
With access to your number, scammers can approve transfers, withdrawals, and online purchases—draining your accounts before you even notice.
- Exposure of Personal Data and Risk of Extortion
Attackers can access sensitive information, documents, and private conversations. These can be used for blackmail, extortion, or sold on cybercrime forums.
- Not Just Individuals—Businesses Are Targets Too
Recent cases show that even regulatory agencies and large corporations have fallen victim, suffering not only financial losses but also reputational damage and loss of public trust.
- Speed and Element of Surprise
The scam works extremely fast: many victims only realize it’s happening when their phone suddenly loses signal.
By that time, the criminal may have already:
- Reset passwords
- Accessed accounts
- Moved funds
- Human Error and Weak Carrier Processes
Even with security measures in place, social engineering—and in some cases, bribery—can bypass identity verification checks, making it easier to perform the SIM swap.
How to Protect Yourself from a SIM Swap Attack
The SIM swap attack is a technique used by criminals to take control of a victim’s phone number, allowing them to access bank accounts, social media, and email. Here’s how to protect yourself effectively.
Enable SIM Protection with Your Carrier
- Set up a portability PIN or password for your phone line.
- Request a port freeze (remote swap block), when available.
This prevents anyone from swapping your SIM card or porting your number without your authorization.
Replace SMS 2FA with More Secure Authentication
- Use authenticator apps (Google Authenticator, Authy).
- Or opt for physical security keys (YubiKey, Titan Key).
SMS is vulnerable to SIM swap attacks—avoid it whenever possible.
Protect Your Personal Information
- Don’t share details like your government ID number, date of birth, or phone number on social media.
- Be wary of urgent messages requesting data confirmation (phishing).
Use Unique, Complex Passwords
- Create different passwords for every account.
- Use a password manager to make it easier and more secure.
Monitor for Signs of an Attack
- Lost mobile signal for no reason? It could be a SIM swap in progress.
- Enable alerts from your bank and email to detect suspicious logins or transactions.
Use a Dedicated Number for SMS 2FA
- If you must use SMS, keep that number private and separate from your primary phone number.
Have a Rapid Response Plan
- Contact your carrier and financial institutions immediately.
- Change your email and banking passwords.
- File a police report and notify any affected services.
What to Do If You Become a Victim
- Contact your mobile carrier immediately to block and recover your number.
- Notify banks, cryptocurrency exchanges, and other institutions; freeze accounts and dispute any unauthorized transactions.
- Reset passwords, disable SMS-based MFA, and switch to authenticator apps or hardware security keys.
- Check your accounts for changes (emails, devices, forwarding rules) made by the attacker.
- File a police report or notify relevant protection agencies, and consider using forensic services such as those offered by Group-IB.
How to Stay Safe from SIM Swap Attack
The SIM swap attack is a growing and increasingly sophisticated threat. With simple measures—such as replacing SMS with stronger authentication methods and setting up carrier-level blocks—you can drastically reduce your risk.
Remember: digital security is a habit, not a one-time action. Review your settings regularly, stay informed about new fraud tactics, and strengthen your authentication methods. This way, you’ll always be one step ahead of SIM swap scammers.
Now it’s your turn—review your security settings for your bank, email, and social media accounts today.
Stay safe, stay Klever.
