Help Protect Yourself From Double-Sided Spoofing and SIM Swapping

<p>Help Protect Yourself From Double-Sided Spoofing and SIM Swapping</p>

As scams continue to evolve and become increasingly sophisticated, it’s important to be able to recognize and avoid the most persuasive types.

Scammers now use advanced social engineering tactics, meaning they convincingly pose as trusted individuals to deceive victims into sharing personal or sensitive information. Two on-the-rise scams that are perpetrated through social engineering are double-sided spoofing and SIM swapping.

Beware of these on-the-rise scams and scenarios

Scenario #1

  • A scammer calls a victim, posing as their bank, and claims there's suspicious activity on their account. The scammer tricks the victim into sharing their online banking login and security verification information. The scammer then puts the victim on hold and calls the actual bank, using the security information to impersonate the victim. The scammer tells the bank that the victim is on the other line and authorizes a transaction or provides sensitive information, making it appear legitimate to both parties.
  • This fraudulent manipulation of both the victim and the victim’s financial institution is called double-sided spoofing.

 

Scenario #2

  • A scammer gathers personal information to convincingly impersonate the victim to their cellular provider. Then the scammer contacts the victim’s cellular provider's customer service and claims their SIM card is lost or damaged. The provider then transfers the victim’s phone number to the scammer’s SIM card. The scammer may also exploit weaknesses in the provider's security procedures or use insider assistance to facilitate the transfer. Once the transfer is complete, the scammer can intercept the victim’s calls and text messages to obtain sensitive information, such as one-time passcodes, enabling access to the victim’s online accounts.
  • This fraudulent transfer of a victim’s phone number to a new SIM card controlled by the scammer is called SIM swapping.

 

Tips to help protect you and your accounts

  • Use secure passwords and authentication
    Create secure, unique passwords for each account and use multifactor authentication on your online accounts whenever possible.
  • Monitor your accounts
    Monitor your accounts daily, set up text or email alerts in online banking, and immediately report unauthorized transactions. Check your credit card statements and your credit report and immediately report any unfamiliar activity.
  • Be proactive and double-check
    Contact your phone carrier to discuss any SIM protection options they may have. And, always be suspicious of unsolicited emails, phone calls, or text messages asking for personal or financial information.

How to respond to suspicious communications

  • Never share sensitive information, like passwords, credit card numbers, and one-time passcodes.
  • Before you respond to a suspicious request, verify it through a known number or channel directly with the person or organization making the request.
  • Be extra cautious with links and attachments that appear even remotely suspicious and check the website URL and address bar to ensure you are on an authentic, secure website before entering sensitive information.

Stay informed with these helpful resources

KeyBank offers several resources to help you stay safe from social engineering scams.

  • For detailed information and security tips to help protect your accounts, visit key.com/fraud.
  • If you suspect you’ve been a victim of a scam, call your bank and other account providers immediately. Key clients should call the KeyBank Fraud Client Service Center at 1-800-433-0124, or dial 711 for TTY/TRS, for immediate assistance.

Content provided for informational and educational purposes only and is in no way to be construed as financial, investment, or legal advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal financial issues.