Scammer reveals global fraud tactic that could drain your bank account
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In today's digital age, where our personal and financial lives are increasingly intertwined with our mobile devices, a new form of fraud has emerged as a significant threat to our security and well-being.
This threat is known as sim-swapping, and it's a tactic that has been used to scam millions of people across the globe, leaving many with empty bank accounts and shattered lives.
A convicted sim-swapper who has come forward to reveal the inner workings of this terrifying fraud. He was given the pseudonym Jessee to protect his identity as he serves time in an American prison for his crimes.
Sim-swapping, or sim-porting, is a sophisticated scam where criminals transfer a victim's mobile phone number to a different phone.
This allows them to bypass security measures and gain access to the victim's bank accounts, cryptocurrency wallets, and other sensitive information—all without the owner's knowledge.
Although making it clear that he was not proud of his past, Jessee spoke candidly about his story from behind bars.
He said, ‘I was living how any college kid who had millions of dollars might live.’
‘There are kids at school who are millionaires because they are hacking when they are at home.’
He explained that, though ‘there are certain types of hacking that are complex and require sophistication’, sim-swapping doesn't require a genius—just someone willing to break the rules and exploit the system.
The scam often involves getting an insider at a mobile phone carrier or deceiving an employee into transferring a phone number onto a new SIM card.
Jessee explains that foreign call centres are frequently the vulnerable point in the system.
‘These guys who work at these carriers, don’t make a lot of money…a lot of these customer support representatives are based in the Philippines where they make…dollars a day,’ he said.
He added, ‘If you…offer one of those people a couple of hundred dollars, they are going to really seriously consider it.’
Jessee said, ‘These people are not being picked at random. They are being … chosen from (leaked) databases that are circulating on the internet.’
Once a victim's phone number is compromised, their entire digital world is at risk. Social media accounts, personal messages, and even the ability to take out quick loans—all become accessible to the fraudster.
This was the case for a business owner and army veteran, who fell victim to this scam.
The first sign of trouble for victims is often their phone entering 'SOS Mode' as it loses connection with the mobile network.
Detective Inspector Jason Smith of the New South Wales Cyber Crime Unit said, ‘This all really goes back to 2001 when we introduced mobile phone number portability.’
‘That means you can take your phone number from carrier to carrier, which wasn't possible before that…Whilst that's really convenient…it also creates a vulnerability that can be exploited by criminals,’ he explained.
Jessee advised against using SMS two-factor authentication (2FA) and suggested more traditional security measures like strong passwords.
At the same time, police encouraged the use of biometric measures such as fingerprints and face scans, with Face ID being a particularly secure option.
‘In the (sic) the world of fraud, there are probably, two potential gold mines. One is getting access to an email account, and the second one is getting control of a person's phone number. From there, you can basically get access to all of the accounts that that person uses on a day-to-day basis,’ said Detective Inspector Smith.
‘If they're successful and they gain control of that mobile phone number, they then have access to all of the SMS verification codes.’
Unfortunately, hacking and an inside man at a telecommunications company aren’t the only ways you could be victimised by this scam.
This revelation sheds light on the importance of smartphone security, as hackers are constantly finding new ways to compromise devices.
In light of these risks, smartphone users must be aware of potential threats and take necessary precautions to safeguard their personal information.
Recently, a professional hacker revealed some ways in which smartphones could be compromised in seconds, raising concerns about the safety of personal data and highlighting the need for enhanced security measures.
Have you experienced sim-swapping or any other concerns regarding your digital security? Share your story with us in the comments below.
This threat is known as sim-swapping, and it's a tactic that has been used to scam millions of people across the globe, leaving many with empty bank accounts and shattered lives.
A convicted sim-swapper who has come forward to reveal the inner workings of this terrifying fraud. He was given the pseudonym Jessee to protect his identity as he serves time in an American prison for his crimes.
Sim-swapping, or sim-porting, is a sophisticated scam where criminals transfer a victim's mobile phone number to a different phone.
This allows them to bypass security measures and gain access to the victim's bank accounts, cryptocurrency wallets, and other sensitive information—all without the owner's knowledge.
Although making it clear that he was not proud of his past, Jessee spoke candidly about his story from behind bars.
He said, ‘I was living how any college kid who had millions of dollars might live.’
‘There are kids at school who are millionaires because they are hacking when they are at home.’
Sim-swapping is a sophisticated fraud tactic that affects millions of people around the world. Image Source: Pexels / Sora Shimazaki
He explained that, though ‘there are certain types of hacking that are complex and require sophistication’, sim-swapping doesn't require a genius—just someone willing to break the rules and exploit the system.
The scam often involves getting an insider at a mobile phone carrier or deceiving an employee into transferring a phone number onto a new SIM card.
Jessee explains that foreign call centres are frequently the vulnerable point in the system.
‘These guys who work at these carriers, don’t make a lot of money…a lot of these customer support representatives are based in the Philippines where they make…dollars a day,’ he said.
He added, ‘If you…offer one of those people a couple of hundred dollars, they are going to really seriously consider it.’
Jessee said, ‘These people are not being picked at random. They are being … chosen from (leaked) databases that are circulating on the internet.’
Once a victim's phone number is compromised, their entire digital world is at risk. Social media accounts, personal messages, and even the ability to take out quick loans—all become accessible to the fraudster.
This was the case for a business owner and army veteran, who fell victim to this scam.
The first sign of trouble for victims is often their phone entering 'SOS Mode' as it loses connection with the mobile network.
Detective Inspector Jason Smith of the New South Wales Cyber Crime Unit said, ‘This all really goes back to 2001 when we introduced mobile phone number portability.’
‘That means you can take your phone number from carrier to carrier, which wasn't possible before that…Whilst that's really convenient…it also creates a vulnerability that can be exploited by criminals,’ he explained.
Jessee advised against using SMS two-factor authentication (2FA) and suggested more traditional security measures like strong passwords.
At the same time, police encouraged the use of biometric measures such as fingerprints and face scans, with Face ID being a particularly secure option.
‘In the (sic) the world of fraud, there are probably, two potential gold mines. One is getting access to an email account, and the second one is getting control of a person's phone number. From there, you can basically get access to all of the accounts that that person uses on a day-to-day basis,’ said Detective Inspector Smith.
‘If they're successful and they gain control of that mobile phone number, they then have access to all of the SMS verification codes.’
Unfortunately, hacking and an inside man at a telecommunications company aren’t the only ways you could be victimised by this scam.
This revelation sheds light on the importance of smartphone security, as hackers are constantly finding new ways to compromise devices.
In light of these risks, smartphone users must be aware of potential threats and take necessary precautions to safeguard their personal information.
Recently, a professional hacker revealed some ways in which smartphones could be compromised in seconds, raising concerns about the safety of personal data and highlighting the need for enhanced security measures.
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