How Scammers Make Money Off Sim Swapping

What is a SIM swap?
SIM swapping, sometimes called a SIM hijacking attack, occurs when the device tied to a customer’s phone number is fraudulently manipulated. Fraudsters usually employ SIM swapping as a way to receive one-time security codes from banks, cryptocurrency exchanges, and other financial institutions.
How does SIM swapping work?
Scammers typically perpetuate SIM hijacks after a customer’s personal information has been obtained via phishing attacks or by purchasing compromised account credentials through dark web marketplaces. Victims of hijacking attacks frequently have their email accounts compromised prior to the SIM change, allowing scammers to intercept communications from providers.
How to protect against SIM swap.
Preventing SIM swapping starts with guarding your personal information from hackers. Protect your account by following these best practices for security:
Use strong and unique passwords. Each of your online accounts should have a strong and unique password or passphrase. Resist the temptation to reuse passwords, especially between social media and financial accounts. Always enable two-factor authentication wherever it’s available. Use a password manager to create and manage complex passwords.
Be suspicious of unsolicited texts, e-mails, and calls, especially those urging you to act immediately and provide personal details. Usually, companies will never contact you to request any password, PIN, social security number, or payment information.
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[@nothingtoseehere449]

people should stop keeping their crypto on exchanges and put them onto cold storage

[@Sleezygem]

You realize even if they do that, the person who sim swapped them can access there bank account to buy crypto and send it to where ever they want

[@linox9073]

The best sim swappers were gamers.

[@LifeofTariq]

Cash is king

[@rockstarxd]

LOL

[@Ladyb-tf6kv]

Talking bout swap game, this guy is it. @BandManDurkio I appreciate the hustle bro keep up the good work I’m one of your Top earners on tele. Shout out to you man .