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Criminals Can Clean Out Your Financial Accounts with Just Your Phone Number | Market Watch

Criminals Can Clean Out Your Financial Accounts with Just Your Phone Number | Market Watch

SIM swap fraud is becoming more prevalent in today’s world of identity theft. This new type of fraud gives criminals access to your accounts and personal information by using your phone number. When you verify your identity by receiving a code through a text, a hacker only has to obtain that code in order to gain access to your accounts. Criminals can contact your carrier claiming to be you. All they have to do is transfer your phone number to a new phone because “yours was lost or stolen.” Once they’ve accomplished this, any account you verify with your number can be accessed and emptied.

Source: https://www.nerdwallet.com/article

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