How to Protect Your Business from SIM Swap Scams

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Your employees’ and customers’ smartphones contain a substantial quantity of information. As a result, a fraudulent action such as a SIM swap scam may have costly consequences not just for the person involved but also for your organization.

People use smartphones for multiple functions. For example, they could be sending job-related emails, making purchases, paying with credit cards, and much more. Because of the high value of the things in their possession, they must avoid any possible risks.

What Is a SIM Swap Scam?

SIM swapping occurs when the device linked to a customer’s phone number is unlawfully controlled. This is also known as a SIM hijacking attack. In most situations, fraudulent individuals employ SIM swapping to get one-time security codes. These might come from financial institutions such as banks, cryptocurrency exchanges, and other financial organizations. If something like this happens to you, you should consult a trustworthy SIM swap lawyer.

Signs of a SIM Swap Attack

Receiving a notice to change your online account passwords without your knowledge or consent is a clear indication of a SIM swap attack. Someone may have hacked your devices if you can’t access your accounts or if your usual passwords aren’t working.

Notifications of suspicious activity on your accounts, such as illegal transactions or posts, may also cause you anxiety. If you observe any of these red flags, it’s likely that an attacker is trying to or has already gained control of the phone number and any associated accounts.

By promptly notifying your mobile carrier of the potential for a SIM swap when you see these signs, you may avoid or mitigate the effects of such attacks. Furthermore, it is important to reset the passwords of accounts that include critical information quickly. This can prevent damage from happening.

Key Methods to Keep Your Company Safe from SIM Swap Scams

Being one step ahead of scammers might be difficult at times. This is because there are so many different varieties of SMS fraud out there. Therefore, we’ll go over all you need to know about protecting your company against SMS swap scams.

Call Your Provider to Put up a Port Block

A lot of cell phone companies now provide free services that help stop identity thieves from getting your number and other important company accounts. Visit their websites to learn more about these services.

Observe Early Warning Signs of SIM Swap

To change passwords and transfer funds before you notice anything is wrong, scammers who commit SIM swap fraud move swiftly. For example, a scammer might activate their new SIM card, rendering yours useless. This could explain the sudden and seemingly random loss of service on your phone.

Most service providers will let you know when you’ve tried to switch SIM cards. If you get an unforeseen notification about a SIM card change, a personal access code request, or the activation of your SIM card on another device, it is imperative that you promptly get in touch with your mobile network.

Do Not Answer Calls, Emails, or SMS Requests for Personal Information

Most of the time, when a person sends an unexpected email, text, or phone call requesting personal information, their goal is to commit scamming. On the other hand, any legitimate company that wants to update your data will ask for this information upfront. Official websites, applications, or letters addressed to your postal address may seek this information legally.

RELATED ARTICLE: 3 WAYS TO SPOT AN INVESTMENT SCAM

Use Authenticator Apps for MFA

The reliability of SMS-based multi-factor authentication (MFA) is not completely guaranteed, even though it is preferable to having no MFA at all. Instead of relying on SMS messages, you may consider using authenticator apps like Microsoft Defender. These apps generate time-sensitive codes on your smartphone. This technique eliminates the potential for a scammer to acquire your multi-factor authentication credentials by performing a SIM swap.

Prepare Employees for the LGPD

According to experts, preparing your employees for the LGPD, a data protection regulation similar to the GDPR, can be a great way to reduce the risk of fraud and information leaks. This is particularly true for operators and other firms that handle customers’ information.

The LGPD’s obligation to disclose leaks tends to expedite the search for security solutions. Businesses are required by the LGPD to notify rgulators of any leaks that occur. In addition, they must provide staff with training on the appropriate methods for data modification.

Prioritize Secure Messaging

There are many benefits to using mobile messaging for business communication, but security must always come first. To avoid security breaches, your messaging platform must promote secure messaging. This ensures that it has the necessary security measures, encrypts and stores your communication securely, and follows all data standards.

Stick a PIN in It

Every major US carrier allows you to add a personal identification number (PIN) or passcode to your account. Having one adds an extra degree of protection since it gives another piece of information that a scammer must acquire before they can compromise your identity. Even if it cannot protect you from an insider threat, it is still superior to nothing.

Educate Your Subscribers

Making sure customers are aware of the potential risks of SIM swap fraud is of the utmost importance. They need to determine if it is simply a temporary interruption in service or if anything more serious is going on. The fact that they are unable to make or receive calls or messages completely out of the blue is a reason for worry.

Switch to eSIM If Possible

An eSIM, or electronic SIM card, is essentially a digital replica of a traditional SIM card that gets inserted into your smartphone. Scammers can’t destroy, steal, or change it out as they can with an actual SIM card. As a bonus, it lets you use a single device with numerous phone numbers and plans, making it easier to migrate between providers. Find out whether your device and plan are compatible with eSIM and how to activate it by contacting your carrier.

Conclusion

To safeguard a corporation against attacks such as SIM swapping, it is crucial to be sensitive, educate employees, and implement extensive security procedures. Businesses may greatly reduce their chances of being targeted by these attacks by being informed about the risks they face and putting in place multi-layered defenses. Maintaining a risk-free workplace requires constant employee education and development, along with the right mix of technological solutions and strict regulations.