Busting SIM Swappers and SIM Swap Myths

[InfoSec News <alerts () infosecnews org>]

https://krebsonsecurity.com/2018/11/busting-sim-swappers-and-sim-swap-myths/

By Brian Krebs
Krebs on Security
November 7, 2018

KrebsOnSecurity recently had a chance to interview members of the REACT 
Task Force, a team of law enforcement officers and prosecutors based in 
Santa Clara, Calif. that has been tracking down individuals engaged in 
unauthorized "SIM swaps" -- a complex form of mobile phone fraud that is 
often used to steal large amounts of cryptocurrencies and other items of 
value from victims. Snippets from that fascinating conversation are 
recounted below, and punctuated by accounts from a recent victim who lost 
more than $100,000 after his mobile phone number was hijacked.

In late September 2018, the REACT Task Force spearheaded an investigation 
that led to the arrest of two Missouri men -- both in their early 20s -- 
who are accused of conducting SIM swaps to steal $14 million from a 
cryptocurrency company based in San Jose, Calif. Two months earlier, the 
task force was instrumental in apprehending 20-year-old Joel Ortiz, a 
Boston man suspected of stealing millions of dollars in cryptocoins with 
the help of SIM swaps.

Samy Tarazi is a sergeant with the Santa Clara County Sheriff's office and 
a REACT supervisor. The force was originally created to tackle a range of 
cybercrimes, but Tarazi says SIM swappers are a primary target now for two 
reasons. First, many of the individuals targeted by SIM swappers live in 
or run businesses based in northern California.

More importantly, he says, the frequency of SIM swapping attacks is 
...well, off the hook right now.

[...]



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