The practice is being driven by a growing and increasingly lucrative cyber underworld.
In 2021, the agency received 1,611 SIM swapping complaints with adjusted losses of more than $68 million.
SIM attacks are fairly simple, experts say.
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Simple: they’re profitable.
To start, Clay explained, be wary of any phishing attacks that may come via text or email.
“If you suddenly get locked out of your phone apps, that is another indication.”
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The surge of SIM attacks illustrates part of the broader problem of using SMS for multi-factor authentication.
