SIM Swap Fraud: Cifas sounds the alarm over 1,000% increase

Cifas, the UK’s leading fraud prevention service, has issued a warning following a dramatic rise in SIM swap fraud cases.

According to their newly released Fraudscape report, the number of incidents of unauthorised SIM swaps surged by a whopping 1,055% last year!

These numbers reflect a growing threat to the telecoms sector and mobile users nationwide – and a scam that many people remain unaware of.

We explain what SIM swap fraud is, who is most vulnerable and if there is anything you can do to protect yourself.

What is SIM swap fraud?

SIM swap fraud refers to a form of fraud when criminals hi-jack and take over a victim’s mobile phone number by transferring it to a new SIM card without the individual’s consent.

Once they are in control of the phone number, fraudsters are able to intercept calls and text messages. This includes the sensitive two-factor authentication codes that so many of us use to protect our bank accounts and email inboxes.

With two-factor authentication now a norm of digital security, access to a person’s phone number can grants fraudsters access to bank accounts, email inboxes, and other personal apps. These acts of fraud then become a gateway to further other crimes – including identity fraud and financial theft.

In 2024, nearly 3,000 SIM swap cases were reported to the National Fraud Database (NFD), impacting multiple UK telecoms providers. It is also thought that SIM swapping played a role in recent high-profile cyberattacks, such as the one on M&S.

Fraud trends in the telecoms sector

While we tend to associate fraud with the banking sector, as smart phones have become a crucial part of our digital security, the telecoms sector has become a major target for criminals.

Cifas’ Fraudscape report highlights an alarming trend: of the 421,000 cases of fraud reported to the NFD last year (itself a record high) identity fraud linked to mobile products increased by 87% (more than 16,000 cases).

Facility takeover fraud, where fraudsters seize control of existing accounts, surged by 76%, and it was mobile networks and online retail that were hit hardest. Notably, almost half (48%) of all account takeover cases in 2024 involved mobile phone accounts. Reports of unauthorised mobile upgrades jumped 96% over the same period.

The trends that Cifas have tracked show that it is older consumers who are increasingly being targeted. Individuals aged 61 and over now represent 29% of all account takeover cases, with incidents involving this age group rising by 90% year-on-year.

How to protect yourself against SIM swap fraud

Cifas’ warning urged both consumers and businesses to be proactive when it comes to SIM swap fraud.

Organisations are being encouraged to adopt more robust identity verification systems. Meanwhile, consumers are advised to stay vigilant, monitor their mobile accounts for unusual activity and be wary of unsolicited messages requesting security codes or password resets.

With SIM swap attacks becoming more common, taking preventive measures is critical. Here are steps you can take to protect yourself:

Enable two-factor authentication – but use an authenticator app

Two-factor authentication is still a vital way to protect your accounts but you should avoid using SMS where possible. Instead, opt for authentication apps like Google Authenticator or Authy, which don’t rely on your phone number.

Set up a strong PIN or password with your mobile provider

Contact your mobile network and request that a security PIN or password be added to your account. This makes it harder for fraudsters to impersonate you.

Be alert to sudden loss of signal

If your phone suddenly loses service in a known coverage area, this could be a sign that your SIM has been swapped. If this happens you should contact your mobile provider immediately.

Ignore phishing attempts

Never share personal information or verification codes over text, phone, or email – even if the message seems to be from your provider or bank.

Monitor your accounts closely

Regularly check your bank statements, emails, and app notifications for suspicious activity or unexpected login attempts. This includes regularly checking in on your mobile bill – which can sometimes conceal unwanted charges or suspicious activity.

Use account alerts

Enable alerts on your bank and mobile accounts to receive immediate notification of changes, such as a new device login or password update.

Register for protective services

Consider subscribing to fraud prevention services that monitor your identity and alert you to suspicious activity, such as Cifas’ Protective Registration.

What to do if you’ve been de-frauded?

Those affected by SIM swapping should make contact with their bank and mobile service providers as fast as possible in order to regain control of their accounts before fraudsters change the details.

If you’ve been a victim of a financial scam, and you feel that your bank failed to provide you with proper protection you may be eligible to make a compensation claim to regain your losses.

Download the Resolver free guide

We have a free guide that explains the bank’s duties, and how you can make a formal complaint about failures to protect you from fraud.

We also have a recommended provider for bank fraud claims: UK Fraud Helpline, will handle the details of your claim – and help you get compensated for your losses if your bank let you down.

Make a Bank Fraud claim now

If you have any thoughts on this topic, or any other consumer issues you would like us to cover, feel free to get in touch with us at support@resolver.co.uk.