Estimated cost of SIM Swapping attacks across the World and prominent Countries.

Report Date: 16 October 2023

Data Sources:

• Javelin Strategy & Research
• Efani Secure Mobile
• Princeton University Study
• Krebs on Security 2023

What is SIM Swapping ?

SIM swapping is a type of identity theft in which an attacker gains control of a victim's mobile phone number by transferring it to a new SIM card. Attackers can do this by social engineering the victim's mobile phone carrier or by exploiting vulnerabilities in the carrier's systems.

Once an attacker has control of a victim's mobile phone number, they can use it to reset passwords to online accounts, intercept two-factor authentication (2FA) codes, and make fraudulent transactions.

SIM Swapping in Cyber Online or Banking Frauds

SIM swapping is often used in cyber online or banking frauds because it allows attackers to bypass 2FA. 2FA is a security measure that requires users to enter a code from their mobile phone in addition to their password when logging in to an account.

To bypass 2FA, an attacker simply needs to have control of the victim's mobile phone number. Once they have control of the number, they can intercept the 2FA code and use it to log in to the victim's account.

Business Impact of SIM Swapping

SIM swapping can have a significant impact on businesses. If an attacker gains control of a business employee's mobile phone number, they could use it to reset passwords to the business's online accounts, intercept 2FA codes, and make fraudulent transactions.

In addition, SIM swapping can damage a business's reputation. If customers learn that their data has been stolen or that their accounts have been compromised as a result of a SIM swapping attack, they may be less likely to do business with that company.

SIM Swapping Attacks Estimated Cost Trend ($ millions)

As you can see, the cost of damages from SIM swapping fraud has been increasing steadily over the past five to six years. This is due to a number of factors, including the increasing sophistication of SIM swapping attacks, the increasing reliance on digital technology, and the increasing number of devices connected to the internet.

It is important to note that these are just estimates, and the actual cost of damages from SIM swapping fraud is likely much higher. This is because many victims of SIM swapping fraud do not report the crime, and many businesses do not disclose the financial impact of SIM swapping attacks.

Use Cases of SIM Swapping Fraud

• In 2022, a SIM swapping attack on a crypto investor resulted in the theft of over $20 million in cryptocurrency.
• In 2021, a SIM swapping attack on a Twitter employee resulted in the hijacking of the company's official account.
• In 2020, a SIM swapping attack on a bank customer resulted in the theft of over $1 million from their account.

Recommendations to Protect Against SIM Swapping

There are a number of things that businesses and individuals can do to protect themselves against SIM swapping, including:

• Educate employees about SIM swapping and how to avoid it.
• Implement strong password policies and enable 2FA for all online accounts.
• Use a mobile phone carrier that offers SIM swapping protection.
• Monitor your credit reports and bank transactions for signs of fraudulent activity.

By following these recommendations, businesses and individuals can help to protect themselves from the devastating effects of SIM swapping fraud.

Conclusion

SIM swapping fraud is a serious threat to businesses and individuals alike. By taking steps to protect themselves from this type of fraud, businesses and individuals can help to reduce the financial and reputational damage caused by SIM swapping attacks.

Disclaimer:

The data and numbers contained in this report are from third-party data sources and reports. As such, they may not be 100% accurate and should be considered as averages. This report is intended for informational purposes only and should not be relied upon for any specific decision-making.

I have made every effort to ensure that the data and numbers in this report are accurate and up-to-date. However, I cannot guarantee that they are 100% accurate or complete. We also cannot guarantee that the data and numbers will remain accurate and up-to-date in the future.

You should always consult with a market analysis companies before making any decisions based on the data and numbers in this report.