Key Takeaways

  • SIM swapping is a method hackers use to bypass two-factor authentication (2FA) by tricking phone companies into transferring a phone number to a new SIM card.
  • SIM-swapping attacks are mainly financially motivated and cryptocurrency accounts have become popular targets due to the lack of chargeback options.
  • If you suspect a SIM-swapping attack, take immediate action to secure your bank accounts and credit lines, change your passwords, and contact the police to file a report. Prevention includes using app-based authentication or physical security keys, rather than SMS-based 2FA.