SIM Swap Scams Explained: The Process, Impact, and Essential Safety Tips

Have you ever had your phone suddenly lose service? You’re there thinking: “Great, my carrier’s having an issue again”? But what if it might not be your carrier... but a scammer who has stolen your number?

The SIM swap scam is where scammers trick phone companies into transferring a phone number to a SIM scammers control. This can lead to financial loss, unauthorized access, and identity theft. To avoid this, use app-based 2FA and limit the personal data you share.

In 2022 alone, Americans lost over $39 billion to phone scams—a jump from previous years. And unfortunately, these scams are only getting more common and more clever. One rising threat? The SIM swap scam.

A SIM swap scam (also known as SIM hijacking) is where scammers deceive your mobile carrier into transferring your phone number to a new SIM card — one that they control.

This allows them to intercept calls and texts, including your two-factor authentication codes, which allows them to break into your accounts.

According to the FBI, victims lost over $120,000,000 to SIM swap attacks from 2022 to 2023. The average loss per victim in 2023 was $45,394.

Aside from significant financial loss, this scam can lead to immediate loss of access to your phone service, unauthorized access to your accounts (including email accounts and crypto wallets), potential risks of identity theft, and stress.

Here’s how a SIM swap attack usually goes down:

• Step No.1 - Recon Mission: Scammers often start by researching their targets. They’ll get your information (e.g. full name, date of birth, and phone number) from social media, data brokers, people search sites, public records, and the dark web.
  
• Step No.2 - Contact the Carrier: Posing as you, scammers will call your mobile provider. They’ll claim either that your phone has been stolen or lost and that they need to transfer your phone number.
  
• Step No.3 - Convince the Carrier: To make your provider believe that it’s really you, they’ll use your information, like your full name and birthday.
  
• Step No.4 - You’re Offline: Once the mobile provider is tricked into transferring your number to a SIM that scammers control, you’ll notice that your phone suddenly lost service.
  
• Step No.5 - Account Takeover: With access to your calls, texts, and 2FA codes, they can log into your financial accounts to drain your savings. They can also use your social accounts to use your identity to scam people you know. What’s worse, scammers can reset your passwords to lock you out if you don’t act quickly.

Amanda Moon is one victim of a SIM swap scam.

While it’s still unclear how scammers got her personal information, they successfully hijacked her phone number and quickly moved in on her accounts.

Realizing something was wrong, Amanda jumped into action.

She first called her bank, Chase, and learned her money had been transferred to a Wells Fargo account.

She immediately contacted Wells Fargo to report the funds as stolen and reached out to her mobile provider, Comcast, to freeze her account and stop the scammers from doing further damage.

At first, neither bank was willing to return her stolen money. But Amanda didn’t back down.

She reached out to the Better Business Bureau and the Consumer Financial Protection Bureau—but both denied her requests.

Still, she kept fighting.

With the help of an attorney friend, she had a letter sent to ABC News 7 explaining her situation.

Not long after, Chase agreed to refund the $46,000, saying they issued the reimbursement “in full after reviewing her case.”

Amanda later described the ordeal as “very distressing”—a powerful reminder of just how damaging these scams can be.

While SIM swap attacks are sneaky and hard to detect, there are still things you can do to prevent this scam:

• Add a PIN or Password to your mobile account. Most phone companies already allow this and it helps stop unauthorized changes.
  
• Use App-based 2FA (e.g.Duo Mobile, 2FAS, and Google Authenticator) instead of just SMS-based 2FA to avoid unauthorized access when your SIM is swapped.
  
• Limit the personal info you share online (e.g. birthdate, addresses, and phone numbers). Remember: scammers can use your personal information against you, so be careful of what personal data you share.

Now, here are things you can do if you’re already a victim:

• Call your carrier immediately. Report the unauthorized SIM swap and ask them to lock down your account. The sooner you report, the better your chances of mitigating the damage.
  
• Freeze your credit and alert your banks. This can stop scammers from opening new accounts or draining your funds.
  
• Reset your passwords. Prioritize email, banking, and any accounts tied to your phone number.
  
• Report the scam. Report the scam to the FTC and police. It not only helps with your case—it also helps authorities track down scammers and prevent future attacks.

In short, SIM swap scams are quick and can leave you dealing with stolen money, hacked accounts, and even identity theft.

The good news? You can protect yourself by adding a few extra layers of security—like using authentication apps instead of SMS codes and being mindful of how much personal info you share online.

So stay sharp, set up that account PIN, and if your phone suddenly loses signal, you’ll know exactly what to look out for.

How do you know if your SIM has been hacked?

The signs indicating a hacked or hijacked SIM are: 1) unexpected loss of service where you can’t make calls and texts, 2) unusual account activity such as password reset notification, 3) you’re locked out of your accounts, 4) receiving strange text and calls, and 5) alerts from your phone company.

Should I panic if scammers have my phone number?

If scammers get a hold of your phone number, they can use it to target you with attacks such as spam calls, phishing, and spoofing. However, instead of panicking, you should change your passwords to secure your accounts, lock your SIM card, and block spam calls.