SIM swapping, also known as SIM card swap, is a scam in which a hacker sneaks a user's cell phone number!
The scam is known as a SIM swap and can be used to take over your financial accounts. The exchange of SIM cards is based on telephone-based authentication . In the event of a successful SIM swap fraud, cyber criminals could hijack your cell phone number and gain access to your sensitive personal data and accounts.
Here's how it works. You can try to access one of your bank accounts that uses text-based two-factor authentication. That said, you start to access your account by entering your username and password. Your bank will then send an access code to your mobile phone so that you can complete the registration process.