May 12, 09:05 AM

SIM Swapping Fraud Cases Surge Tenfold, Leading to $1.8 Million Cybercrime and Fraudulent Cryptocurrency Scam

Cases of SIM swapping fraud, a cybercrime where criminals hijack a person's mobile phone number by transferring it to a new SIM card without consent, have increased tenfold over the past year. This surge has led to significant financial losses, including a notable $1.8 million cyber fraud case reported recently. The rise in SIM swap fraud has also facilitated scams such as the promotion of fraudulent cryptocurrency coins, as highlighted by a recent incident involving a hacked social media account used to market a fake crypto coin under a well-known brand. Experts advise mobile users to take protective measures to safeguard their phone numbers from being stolen through this method.

Written with ChatGPT (GPT-4).

Sources

ITV News@itvnews
7 months ago
Sim-swap fraud rises by 1,000%, here's what you can do to protect your mobile number from being stolen https://t.co/tqhImis001
ITV News@itvnews
7 months ago
Sim-swap fraud involves hijacking a person's mobile phone number and transferring it to a new sim without their consent https://t.co/tqhImis001
WIRED@WIRED
7 months ago
Earlier this year, a hacker used my X account to hawk a fraudulent WIRED-branded crypto coin. After they pulled the rug on investors, I faced the aftermath. https://t.co/9HPbJaq001

SIM Swapping Fraud Cases Surge Tenfold, Leading to $1.8 Million Cybercrime and Fraudulent Cryptocurrency Scam

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