Security News > 2020 > March > European Authorities Dismantle Two SIM Hijacking Gangs
European authorities managed to crack down on two cybercrime gangs responsible for stealing millions by employing SIM hijacking.
To perform SIM hijacking, hackers trick the victim's wireless operator into swapping the mobile phone number to a SIM card the attackers control.
Europol announced on Friday that two cybercriminal groups engaged in SIM hijacking were dismantled after tens of individuals were arrested in Spain and Romania.
Using banking Trojans or other techniques, the hackers managed to obtain online banking credentials from the victims and then presented fake documents to the victim's mobile service provider to obtain a duplicate of their SIM card.
"Fraudsters are always coming up with new ways to steal money from the accounts of unsuspecting victims. Although seemingly innocuous, SIM swapping robs victims of more than just their phones: SIM highjackers can empty your bank account in a matter of hours. Law enforcement is gearing up against this threat, with coordinated actions happening across Europe," said Fernando Ruiz, acting head of Europol's European Cybercrime Centre.