Security News > 2022 > February > FBI warns of criminals escalating SIM swap attacks to steal millions
The Federal Bureau of Investigation says criminals have escalated SIM swap attacks to steal millions by hijacking victims' phone numbers.
"From January 2018 to December 2020, the FBI Internet Crime Complaint Center received 320 complaints related to SIM swapping incidents with adjusted losses of approximately $12 million. In 2021, IC3 received 1,611 SIM swapping complaints with adjusted losses of more than $68 million."
After the SIM is ported, the criminals will receive the victims' calls and messages, making it very simple to bypass SMS-based MFA, steal credentials, and take control of their victims' online service accounts.
In March 2020, Europol announced it apprehended suspects part of two criminal gangs who stole millions in a streak of SIM swapping attacks.
Last year, US telecommunications provider T-Mobile disclosed a data breach after hundreds of customers were targeted and impacted in a series of SIM swap attacks.
Because such attacks are so profitable for criminals, they've also attracted the attention of organized crime, as shown by Europol announcing that an extensive network of cybercriminals with links to the Italian Mafia engaged in SIM swapping attacks that brought them more than €10 million.