Voice
Voice API
Nov 11, 2024
What is SIM Swapping Fraud and How to Prevent It
Cybersecurity threats are evolving daily, and a particularly chinese malaysia phone number list dangerous scam is on the rise: SIM swapping fraud.
In 2023, the Internet Crime Complaint Center (IC3) reported more than $48 million in losses from SIM swapping fraud affecting both individuals and businesses. This type of fraud allows criminals to take control of your phone number, granting them access to sensitive information. A single SIM-swapping fraud attack can result in unauthorized access to personal data, significant financial loss, and long-term damage to your company’s reputation.
SIM swapping fraud targets businesses that rely on SMS-based authentication to secure accounts. In 2024, authentication use cases will account for over 50% of all SMS traffic. The growing reliance on SMS-based user verification increases the risk of SIM swapping correspondingly. However, solutions with built-in fraud protection, such as Plivo’s Verify API, make it possible to mitigate fraud risk with little effort. Here’s how to prevent SIM swapping fraud by following a few best practices to protect personal and organizational data.
