Overview
Attackers manipulate mobile carriers into transferring a victim’s phone number to a device they control. SIM swapping relies on social engineering tactics to trick telecom providers into porting a victim's number to an attacker-controlled SIM card. These tactics can include phishing, pretexting, or bribing insiders at telecom providers. Once the swap occurs, attackers gain control over SMS-based two-factor authentication (2FA) codes, enabling them to bypass security measures and access accounts.
Risk factors
Socially engineered SIM swapping can arise from:
- Use of SMS for 2FA.
- Poor authentication processes at telecom providers.
- Lack of user monitoring for unusual activity on accounts.
- Absence of carrier-specific protections, such as PINs or port-out restrictions.
Consequences
If an attacker successfully exploits socially engineered SIM swapping, the following could happen:
- Account Compromise: Attackers gain unauthorized access to financial and personal accounts.
- Identity Theft: Stolen information can be used for impersonation or fraud.
- Financial Fraud: Attackers can exploit compromised accounts for monetary gain.
- Further Attacks: Attackers use this exploit as the basis for broader attacks, such as using compromised accounts to target other services or contacts, draining cryptocurrency wallets, or conducting identity theft.
Solutions and best practices
To mitigate the risks associated with socially engineered SIM swapping, organizations should implement the following security measures:
- 2FA Alternatives: Use app-based or hardware-based authentication methods instead of SMS.
- Carrier Security Enhancements: Implement stricter identity verification protocols for SIM swaps.
- Account Monitoring: Enable alerts for unusual login or activity patterns.
- User Awareness: Educate users about SIM swapping risks and prevention strategies.
- Carrier-specific Protections: Set up security measure that prevent unauthorized transfers of phone numbers, such as SIM swap PINs or port-out freezes.