SIM card swap fraud is a sophisticated scam where fraudsters exploit your personal information to seize control of your phone number. They achieve this by impersonating you to your mobile carrier and convincing them to transfer your number to a new SIM card or eSIM in the fraudsters’ possession.

Once they have your number, fraudsters can intercept your calls, messages, and even the one-time passcodes used for two-factor authentication (2FA). This grants them access to your most sensitive accounts, from email and social media to bank accounts and investments.

The fraudster's playbook

SIM swap scams typically unfold in a series of calculated steps:

1. Phishing: Fraudsters send deceptive emails or texts, masquerading as trusted entities like financial institutions, government agencies or mobile providers, to trick you into disclosing personal details such as user names, account numbers, passwords or answers to security questions.
2. Social Engineering: Armed with your stolen information, the scammer contacts your mobile carrier, posing as you, and requests a SIM swap or eSIM activation.
3. Account Takeover: With your phone number under their control, the fraudster bypasses security measures on your accounts, resetting passwords and locking you out.

Protecting yourself from SIM card fraud

• Be mindful of the red flags: These include an abrupt loss of mobile service without explanation and unexpected notifications, such as an email from your mobile carrier about SIM changes or password resets you didn't request.
• Guard against phishing: Be wary of unsolicited requests for personal details through phone, email or text.
• Upgrade your security: Activate your mobile carrier advanced security options, such as 2FA and by setting up a PIN or password with your mobile carriers for SIM changes. Consider using even more secure methods like an authentication app instead of SMS.

If you experience SIM card swap fraud

• Contact your mobile carrier immediately to regain control of your SIM and phone number.
• Change your passwords on all sensitive accounts as soon as possible.
• Contact ATB to report lost, stolen or compromised information by calling 1-800-332-8383.

Remember, your vigilance is the key to preventing fraud before it happens. For more information on how you can protect yourself from fraud, visit our Online Banking Security Guarantee and Banking and fraud prevention pages. You’ll find comprehensive details and helpful resources to further your understanding and enhance your online banking security.