SIM swap scams are feared after Verizon faces security breach

October 20, 2022
SIM Swap Scams Verizon Security Breach Customer Data Hijacking Fraud Prevention

Verizon’s prepaid customers are alerted about a recent incident involving hackers accessing user accounts and using their credit card information to conduct SIM swap scams. In a statement, Verizon said that an unauthorised entity had access to the last four digits of customers’ credit cards, allowing them to process a SIM card change.

The telco firm assured its customers they had reversed all SIM card changes, blocked all unauthorised access to their systems, and found no evidence of active malicious activity. Moreover, all Account Security Codes (PINs) have been reset for some of their affected customers.

Several sensitive financial data of customers were not compromised, such as their bank passwords, social security numbers, and tax IDs. However, the hackers might have collected personal details, including full names, contact details, price plans, and other service-related data.

 

Some Verizon customers reported experiencing SIM swap scams a week before the telco’s alert came.

 

One report of a victim involved in the SIM swap scams was on October 7, when an attacker allegedly breached their email and attempted to infiltrate their cryptocurrency accounts. The customer said the incident could have been from the credit card info exposure in the recent Verizon breach.

If an attacker successfully swaps SIM card numbers from the customers to theirs, they can control any account owned by the customer linked to the affected SIM card number. Most hackers use social engineering to attain success in these campaigns.

A representative from Verizon said that about 250 prepaid wireless accounts were identified as involved in the security breach, and these accounts have already been secured. The telecom giant also placed additional security measures to protect its customers from fraud or other cybersecurity risks.

Affected customers are also asked to report via the MyVerizon app or by calling them through their hotline numbers. Following this recent incident, all customers are recommended to set a new PIN code to their Verizon accounts, alongside a new password and a secret question.

The MyVerizon app also offers customers the free ‘Number Lock’ protection feature to help them defend against SIM swap scams. This feature allows the customer numbers to be locked, meaning they can no longer be shifted to another carrier or swapped to another SIM number unless the lock is removed.

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