Busting SIM Swappers and SIM Swap Myths
Krebs on Security
KrebsOnSecurity recently had a chance to interview members of the REACT Task Force, a team of law enforcement officers and prosecutors based in Santa Clara, Calif. that has been tracking down individuals engaged in unauthorized “SIM swaps” — a complex form of mobile phone fraud that is often used to steal large amounts of cryptocurrencies and other items of value from victims. Snippets from that fascinating conversation are recounted below, and punctuated by accounts from a recent victim who lost more than $100,000 after his mobile phone number was hijacked.
In late September 2018, the REACT Task Force spearheaded an investigation that led to the arrest of two Missouri men — both in their early 20s — who are accused of conducting SIM swaps to steal $14 million from a cryptocurrency company based in San Jose, Calif. Two months earlier, the task force was instrumental in apprehending 20-year-old Joel Ortiz, a Boston man suspected of stealing millions of dollars in cryptocoins with the help of SIM swaps.