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More and more of these stories come from normal everyday people like you. These stories are all, without exception, scary. There are plenty of stories about scammers taking advantage of SIM swapping with malicious intent. Identity theft occurs when an imposter gains access to your personal identifying information (PII) and uses it for their personal gain and exploitation. Somehow, companies don’t seem interested in catching up.
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Now, imagine someone steals this ability from you. Cybercriminals make a living out of knowing how to do this, and they’ve been doing it for years. What is identity theft, and why should you care? This means that if you’re an average adult, you’ll spend that much time on your phone shopping, streaming content on your morning commute, or banking. Nowadays, people spend an average of 24 hours online each week – twice as long as they did a mere 10 years ago. One in five adults even spends as much as 40 hours a week on the web. Security has played a very important role since the dawn of our digital era. In practical terms, this means that a single, publicly available piece of information is used for your identification and verification. This helps keep you and your information safe. Today, you use your phone to contact and store email addresses, bank accounts, social network accounts, cryptocurrency accounts – just about everything about you.Įach of these accounts likely offers you two-factor authentication, which relies on your phone number. The time of phones serving only as a means of communication is long gone. These are the two most important reasons why most (if not all) of your accounts are connected to your phone number.
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Thanks to SIM swap and mobile number portability services, your phone number sticks with you for years, even decades. You don’t need to go through the hassle of alerting everyone that you’ve changed your phone number you simply get a new SIM (or in telco lingo: port your number) to another operator and carry on with your life. When done for reasons like these, SIM swapping is entirely legitimate. Or maybe your SIM card got damaged, or you got a better deal with a new operator. There are plenty of reasons why you would SIM swap. Say you’ve lost your phone or bought a new one – but your old SIM card doesn’t fit. This article explains both sides of SIM swapping and how Infobip can help protect you, your business, and your customers from external threats. Unfortunately, so do cybercriminals, and for all the wrong reasons. Phone customers do it all the time for perfectly legitimate reasons. SIM swapping is when you request a new SIM card from your current or a new operator and transfer your existing phone number to the new SIM.