Spanish police arrests SIM-swapping gang
Spanish law enforcement has arrested eight people alleged to be part of a crime ring who drained bank accounts in a series of SIM swapping attacks.
SIM-swapping attacks, also known as SIM hijacking, occur when threat actors try to take over your phone number. SIM-swaps usually lead to the theft of funds from bank accounts and cryptocurrency wallets.
Porting of a phone number occurs when a criminal uses stolen information and social engineering to pretend to be a carrier’s customer and makes the request for a number transfer or for a duplicate SIM to be sent out. Even if a victim quickly realizes something is wrong, a short time window is enough to cause serious damage.
Spain’s National Police investigated the case in which eight suspects allegedly used phishing texts, emails, and instant messages to masquerade as banks. Victims would then hand over their sensitive, personal data and bank details, providing the information required for social engineering attempts.
Now using this information, the suspects reportedly contacted carriers and requested duplicate SIM cards for their victims’ phone numbers.
SIM-swap attacks would then be performed, in which the telephone numbers linked to the bank accounts would be under the criminal’s control. It was then possible for the cybercriminals to intercept the 2FA codes sent by the victim’s bank to access their accounts and conduct fraudulent transactions.
The police stated that the suspects also “falsified official documents.” In particular, photocopies of Documento nacional de identidad (DNI) identity cards were shown to staff, in which photographs were manipulated to make the fraudster appear to be the legitimate handset owner.
The eight individuals, seven located in Barcelona and one in Seville, are being detained.
According to the National Police, law enforcement first came to know about the scheme in March 2021, when complaints were made relating to fraudulent bank transfers.
The investigations led the investigators to the province of Barcelona, where the suspects laundered the defrauded money operating through bank transfers and digital instant payment platforms.
According to the law enforcement agency, in 2021 alone, 1,611 SIM-swapping complaints were made with estimated damages of at least $68 million.
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