Security News > 2021 > February > 10 SIM Swappers Arrested for Stealing $100M in Crypto from Celebrities
Ten people belonging to a criminal network have been arrested in connection with a series of SIM-swapping attacks that resulted in the theft of more than $100 million by hijacking the mobile phone accounts of high-profile individuals in the U.S. The Europol-coordinated year-long investigation was jointly conducted by law enforcement authorities from the U.K., U.S., Belgium, Malta, and Canada.
The sweep comes almost a year after Europol led an operation to dismantle two SIM swap criminal groups that stole €3.5 million by orchestrating a wave of more than 100 attacks targeting victims in Austria, emptying their bank accounts through their phone numbers.
Typically achieved with the help of a corrupt insider or using social engineering lures, SIM swapping refers to the technique adopted by cybercriminals to persuade phone carriers into porting their victims' cell services to a SIM card under their control.
The SIM swap then grants attackers access to incoming phone calls, text messages, and one-time verification codes that various websites send via SMS messages as part of the two-factor authentication process.
Once in control of the target's mobile phone, the authorities noted that the criminals accessed personal information, including contacts synced with online accounts, and stole money, with cryptocurrency losses exceeding $100 million in 2020.
To avoid SIM swapping attacks, it's recommended that users keep their device's software up to date, limit data-sharing online, and enable 2FA via apps instead of having an authentication code sent over SMS. "When possible, do not associate your phone number with sensitive online accounts," Europol cautioned.