A Cautionary Tale: The Dangers of Ignoring SIM Swap Protection

TL/DR: Enable SIM Swap Protection and Port Freeze on your cellphones ASAP to avoid getting ripped off.

One of our long time clients — let’s call him Mo Lasses — called in a panic. Overnight, his phone had mysteriously lost service. He didn’t think much of it at first, assuming it was a glitch. By the time he reached out to his carrier, it was too late.

Cybercriminals had successfully SIM swapped his phone number, tricking the carrier into transferring his number to a new SIM card in their possession. That gave them instant access to all SMS-based two-factor authentication (2FA) codes sent to Mo’s number. Within hours, they had reset his email, drained his crypto wallet, transferred money from Schwab accounts,  and breached his business accounts. He lost hundreds of thousands before he could lock everything down.

The lesson: SMS-based 2FA is only as secure as your phone number. If that number gets hijacked, so do your accounts.

  Protect yourself.

Most major carriers now offer SIM Swap Protection and Port Freeze (aka Port-Out Freeze aka Port-Out Protection aka Number Lock) features. Enabling these extra layers of protection can stop attackers cold — even if they manage to socially engineer your carrier.

Don’t wait until you’re a victim. Turn on SIM Swap Protection and Port Freeze today!