The technique called SIM swap lets hackers leverage social engineering to hack into user accounts. The fraud typically happens through email, phone, chat windows, and even physical meetings.
In social engineering, hackers usually leverage charm and persuasion techniques to convince the customer that they are a genuine caller from the customer support team of different entities like telecom providers and banks. These hackers often collect a few pieces of information from publicly available sources to convince the user into handing over more information.
Social Engineering techniques are essentially hacking without writing any code. These hackers simply use a phone and an internet connection to get hold of the sensitive information. Companies around the world have reported a rise in social engineering attacks. The emergence of trend comes as no surprise to ethical hackers and cybersecurity experts.
The technique is not only a new term but it has been popular thing since the beginning of time. Several cons have been perpetrated using social engineering in some or other manner from ages. The basic idea is to exploit weakness or vulnerability in humans to get more details on their accounts.
Rogers Customer Case
A recent news of Canada-based Rogers account getting hacked revealed that IT Executive Erynn Tomlinson lost as much as $30,000 in cryptocurrency after hackers targeted her Rogers account. Hackers behind the social engineering fraud leveraged her personal details during interactions with Rogers customer service to gain access to the account.
Companies are training their staff to be aware of these attempted attacks. There are ways that consumers can help themselves. The internet users are warned to protect their social media accounts to hide the details. If the information is publicly available on the social media, these hackers can leverage it. Social media is the first place that hackers look to for clues about your passwords and answers to common security questions.