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For Justin Chan, this wasn't just a fleeting moment of panic. A few days later, a shocking discovery awaited him in the form of a bank statement revealing that $38,000 was missing from a joint account he managed for his mother’s utility bills. Panic turned into a harsh reality: this wasn’t a bad dream, but rather the result of a SIM swapping scam.
What is SIM Swapping?
So, what exactly is SIM swapping? It occurs when cybercriminals convince a mobile carrier to transfer a victim's phone number to a SIM card they control. This nefarious act can be likened to providing a thief with the keys to your digital life, making everything from bank accounts to email vulnerable.