Busting SIM Swappers and SIM Swap Myths — Krebs on Security

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Busting SIM Swappers and SIM Swap Myths
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Rose said even though a successful SIM swap often gives the perpetrator access to traditional bank accounts, the attackers seem to be mainly interested in stealing cryptocurrencies.
But Ferri said once the REACT Task Force got involved in his case, it became clear that video surveillance footage from the date and time of his SIM swap showed no such evidence of anyone entering the store to present a fake ID.
Caleb Tuttle, a detective with the Santa Clara County District Attorney’s office, said he has yet to encounter a single SIM swapping incident in which the perpetrator actually presented ID in person at a mobile phone store.
“Most of these SIM swaps are being done over the phone, and the notes we’re seeing about the change in the [victim’s] account usually are left either by [a complicit] employee trying to cover their tracks, or because the employee who typed in that note actually believed what they were typing.” In the latter case, the employee who left a note in the customer’s account saying ID had been presented in-store was tricked by a complicit co-worker at another store who falsely claimed that a customer there had already presented ID.
Ferri said the detectives investigating his SIM swap attack let on that the crooks responsible had at some point in the attack used “specialized software to get into T-Mobile’s customer database.”
Rose said mobile phone stores could cut down on these crimes in much the same way that potential victims can combat SIM swapping: By relying on dual authentication.
“Usually, once a SIM swap is done they’ve already done enough research and social engineering on victims to know what accounts the victim has — whether it’s Gmail or Dropbox or whatever,” Tuttle said

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