2: Texted Authentication CodesĪ newer, easier way has emerged for cybercriminals to access one-time passwords without needing your phone. The scammer must act quickly because you’ll probably figure out something is amiss within a matter of hours. However, it takes skill and precise timing on the part of a scammer to convince the phone company to make the change.Īlso, because your cellphone will go dead the moment the SIM is swapped, the maneuver is more likely to occur while you’re sleeping. In fact, throughout 2021, scammers used SIM swapping to defraud victims out of $68 million, according to the FBI Internet Crime Complaint Center. This may sound far-fetched, but it happens. Once they convince the rep to make the switch, they’ll link the SIM to a burner phone they control, where they can receive one-time passwords needed to access your account. The fraudster explains that they (you) have a new smartphone and need to swap out the SIM-the technology that associates a phone number with a physical phone. Remember, the scammer already has bought or otherwise obtained your full credentials including your Social Security number and date of birth. A scam artist will call your wireless carrier and convince the rep they are you. This is an effective method that’s been around for a while. The following scenarios illustrate two approaches for hijacking one-time passwords through cunning social engineering-that is, manipulative-tactics. The process generally works well, but it can be defeated.Īs senior fellow for threat research at Agari by HelpSystems, I hear about new scams targeting individuals and businesses every day. The code, often a series of numerals, is texted to your phone or is generated by an authentication app. It’s the familiar security measure that requires you to enter a one-time password or code after you try to log in with your username and password. To better protect their account holders online, many businesses are using multifactor authentication. Fraudsters Target Multifactor Authentication
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February 2023
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