• UK CIFAS warned of 1,055% surge in unauthorized SIM swaps due to rising fraud.
• Warning comes as part of the organization’s annual Fraudscape report, which paints a grim picture of escalating threats across the mobile and telecoms sectors.

Summary

• Nearly 3,000 cases of SIM swap fraud risk cases were reported in 2024; identity fraud in telco sector rose by 87% in 12 months; facility takeover jumped 76%.
• Once in control of a victim’s number, criminals intercept calls and messages, including crucial two-factor authentication codes, enabling further fraudulent activity to take place, such as account takeovers for apps and other forms of identity theft.
• In 2024, a record-breaking 421,000-plus cases were filed to the NFD – the UK's largest and most comprehensive database of fraud risk data and intelligence.
• The telecoms sector has emerged as a primary target, with identity fraud linked to mobile products up 87%, reflecting a surge of more than 16,000 cases.
• Notably, 48% of all account takeover cases in 2024 involved mobile phone accounts.
• Filings concerning unauthorized mobile upgrades rose by 96%.
• Those aged 61-and-over now make up 29% of all account takeover cases.

Recommendations

• UK CIFAS urged consumers to be vigilant; monitor mobile accounts for unexpected changes, look for notifications recommending PINs or passwords from telco providers.
• Businesses should adopt stronger identity verification, continue sharing intelligence.
• Telco and mobile operators can identify potential fraud in their existing customer base by implementing UK CIFAS' innovative solution, Vision which provides real-time alerts.
• Helps prevent fraud losses and ensures organizations are aware of any changes in a customer’s behavior so they can investigate and act at the earliest opportunity.