What is SIM hijacking and how do they do it? SIM swapping is essentially the process of hackers activating your number onto a SIM card of their possession. The process helps them take over your phone number, so next time someone tries to access your online banking account, the cybercriminals are the ones receiving the verification passcode instead of you. This is usually effective when someone wants to reset your password or already knows your password and wants to go through the 2 step verifica

Online hackers have created a new scam called “SIM swapping.” First, they steal someone's personal information and then contact the victim’s mobile phone carrier to trick them into activating a SIM card. Once the hackers have control over the person's phone and passwords, they contact the victim's bank and start transferring all the cash out of their bank account. One woman says a hacker stole $26,000. Four months after first reporting the fraud, she says she's still missing the money. | Inside

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