Rising SIM-Swapping Scams Threaten Personal Security
Cybercriminals exploit phone numbers to access financial accounts, causing significant monetary losses.
- SIM-swapping involves criminals taking control of victims' phone numbers to intercept calls and texts.
- The FBI reports a 400% increase in SIM-swapping complaints from 2018 to 2021, with losses exceeding $68 million.
- Experts suggest using multifactor authentication methods not tied to phone numbers to enhance security.
- New FCC regulations to combat SIM-swapping are under review, but implementation faces delays.
- Victims are advised to report incidents to carriers and relevant authorities to expedite recovery efforts.
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