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SIM swapping is a form of identity theft where fraudsters take control of a victim's mobile phone number.
The fraudsters do this by convincing the mobile network operator to transfer the victim's phone number to a SIM card in their possession.
Once the fraudsters have control of the victim's phone number, they can use it to gain access to the victim's accounts that use two-factor authentication.
SIM swapping fraud is on the rise and can result in significant financial losses for victims.
To protect against SIM swapping fraud, individuals should take steps such as securing their personal information, setting up strong passwords, and using multi-factor authentication where possible.
Mobile network operators can also take steps to prevent SIM swapping fraud, such as implementing stricter identification requirements and alerting customers when their phone numbers are being transferred to a new SIM card.
Victims of SIM swapping fraud should report the incident to their mobile network operator and relevant authorities, such as the police, as soon as possible.
Awareness and education are key in preventing SIM swapping fraud, and individuals should be vigilant and cautious when sharing personal information and responding to unsolicited messages or phone calls.
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