09/01/2026
Your phone suddenly displays "No Service." It could be more than a network outage. 📱💸
In a SIM-swapping attack, a fraudster tricks your mobile carrier into transferring your phone number to a device they control. Once they intercept incoming call and SMS 2FA codes, executive email, banking and payroll accounts become vulnerable to password resets.
The FBI investigated over 1,000 SIM-swap incidents in a single year with losses approaching $50 million.
Business owners and financial approvers are prime targets. Protecting your business takes two key steps: enabling carrier port-out locks and moving sensitive financial logins off SMS verification and onto authenticator apps.
SIM-swapping attacks can turn control of an executive’s phone number into a path to sensitive business accounts. Stronger carrier protections and moving away from SMS verification on financial and other critical accounts can reduce that risk without making everyday access more difficult.