SIM swap attacks target specific phone numbers and utilize them to steal cryptocurrency, financial information, passwords, and other valuables.
Numerous companies, especially those that have moved their operations online, have made phone numbers the key component of user authentication. On many websites, users can change their passwords by sending a one-time SMS code. The target’s mobile phone number — and nothing else — is all the fraudster needs to launch a successful attack on this kind of account. It was never intended for phone numbers to be used in this way as identification.