Scammers will usually use passwords, Social Security numbers, and other personal information that they've already tricked consumers into giving up. The con artist might then be able to drain your bank account or run up fraudulent online purchases with your credit card account. The criminal might also be able to use your number - and the access it gives him to your texts and, possibly, email messages - to gain access to your online financial and social media accounts. The criminal can then insert that card into any other device, giving the thief the ability to make calls and receive texts using your phone number. SIM swap fraud happens when a criminal contacts your cell phone provider and convinces it to assign your phone number to a new SIM card. It is a type of ID, allowing you to make phone calls and receive texts. Your phone's SIM card - that tiny piece of plastic that you inserted long ago into your smartphone - is important.

Here are the two types of account takeover fraud.

What are the two types of account takeover fraud? And the first? Learning how these crimes occur. Fortunately, there are steps you can take to protect yourself. They might be able to access your online bank accounts, credit card portals, email, or social media accounts, relying on the one-time PINs that many financial institutions and social media companies use to verify the identity of their customers.Īccount takeovers, then, can cause you plenty of financial pain. They can then use your number to make and receive phone calls and texts. This fraud happens when a scammer takes control of your wireless phone account and phone number. If so, you might be the victim of phone account takeover fraud. Has your cellphone suddenly stopped working? Do you get an error message every time you try to make a phone call? Or maybe you've received a text from your carrier stating that your phone number has been transferred to a new SIM card.

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