The Threat of SIM Swapping Attacks on Financial Institutions - SOCRadar® Cyber Intelligence Inc.

SIM swapping attacks, where cybercriminals hijack phone numbers to bypass security measures, pose a significant threat to financial institutions. These attacks, often involving social engineering and collaboration with ransomware gangs, can lead to fraudulent transactions, identity theft, and reputational damage. To protect themselves, financial institutions should implement multi-factor authentication, employee training, secure communication channels, and dark web monitoring.