Police forces across the UK warn of an unprecedented surge in SIM swap fraud, with reported cases jumping more than 1,000 per cent in just a year. The tactic, which sees fraudsters hijack mobile phone numbers to intercept one-time codes and security alerts, is fast becoming the preferred method of breaching digital accounts once considered secure.
The National Fraud Database says it has seen a 1,055 per cent increase in reports of SIM-swap fraud, rising to almost 3,000 cases in 2024 from just 289 in 2023, ITV News reported.
The technique itself is old hat in cybercrime circles—criminals either bribe call centre workers or bluff their way through verification checks to convince mobile providers to switch a victim’s number to a new SIM under their control. Once cyberthieves do that, it’s open season on anything tied to that number: emails, bank accounts, crypto wallets, social media, and more.
A weak link in online security
At the centre of it all is the weak link in modern online security—SMS-based two-factor authentication. It was meant to make accounts more secure, but in practice, it hands over the keys when your phone number’s compromised. Most people don’t realise anything’s wrong until their phone loses signal or they’re locked out of accounts they didn’t even know had been accessed.
Several recent cases have seen victims lose their life savings in minutes. Others have faced reputational damage or identity theft. The National Fraud Intelligence Bureau urges mobile operators to tighten controls on SIM swaps, though critics argue it’s come far too late.
The advice to the public is blunt: stop using text messages for two-factor authentication. Move to app-based codes or, better yet, physical security keys. Banks and tech firms are also being called out for relying on outdated security protocols in the face of increasingly sophisticated attacks.
The message from law enforcement is clear: SIM swap fraud is no longer niche, and everyone is a potential target. Criminals don’t need to break into your house or hack your laptop—they just need your phone number and a bit of personal information. After that, you’re in trouble—and so is your money.
SIM swapping in Spain
Early this year, Euro Weekly News published an article explaining all the signs that could mean your phone is hacked. The Spanish have alerted the public about this “vicious” crime that affects more people than reported by authorities.
Make sure not to ignore if you’re phone begins acting up, as it may not be the glitch you might believe it is, as explained in the EWN article.
