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.