What is a SIM Swap Scam A SIM swap scam (also known as port-out scam, SIM splitting, Smishing and simjacking, SIM swapping) is a type of account takeover fraud that generally targets a weakness in two-factor authentication and two-step verification in which the second factor or step is a text message (SMS) or call placed to a mobile telephone. How does it work? The scammers obtain victim’s personal banking details and registered mobile number using social engineering tactics - vishing, phishing or smishing. They approach the victim’s mobile operator with fake identity proof to obtain a duplicate SIM Card. The scammers trick the customer (intended victim) into sending their unique 20-digit SIM number. Mobile operator deactivates the genuine SIM Card and issues a new one to the attacker. The mobile phone shuts down and victim notices the lost service on the phone. The attacker/s gain access to victim’s bank account (with OTPs relaying to the new SIM) and initiate financial transactio...