Phone scammers can deprive you of all your savings: how to protect yourself

Mobile phones are an integral part of our daily lives. Now the FBI is warning the public about scams aimed at hacking your phone, reports Money Talks.

Photo: Shutterstock

The Federal Law Enforcement Agency says scammers are using so-called "SIM spoofing" to rob people of millions of dollars by stealing money from fiat and virtual currency accounts.

In this scam, scammers use various methods to attack mobile operators and end up gaining access to sensitive information on your phone:

Social engineering.

The scammer impersonates you and tricks your mobile operator into switching your phone number to a SIM card belonging to the criminal.

Internal threat.

The scammer pays someone from your mobile carrier to switch your phone number to the scammer's SIM card.

Phishing methods.

Criminals trick mobile phone operators into downloading malware that allows thieves to hack into mobile phone systems and replace SIM cards.

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When scammers manage to change your SIM card, all your calls, text messages and other data are redirected to them. With a little ingenuity — like sending account recovery emails to reset passwords — thieves will soon have access to most of your personal information.

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The FBI reports that the number of SIM-swapping scammers has skyrocketed. Last year, the FBI's Internet Crime Complaint Center received 1611 SIM swapping complaints, with adjusted losses of more than $68 million.

For comparison, for the entire period from January 2018 to December 2020, victims filed 320 complaints, taking into account adjusted losses of approximately $12 million.

Luckily, there are steps you can take to avoid falling into the trap of such a scam. According to the FBI, these include:

• Try not to talk about your financial assets on social networks and forums. Never post personal information online, including a phone number or address.
• Do not share your mobile phone account information with anyone who calls and asks for your account password or pin.
• Never use the same password for more than one account
• When you access online accounts, use methods and tools that enhance your privacy, such as biometrics, physical security tokens, and offline authentication apps.
• Avoid storing passwords, usernames, or other information in mobile apps.

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