Two Factor Authentication Under Threat as Sim Swap Fraud Escalates Sharply

It has been estimated that SIM-swap fraud has increased by more than 1,000% in the United Kingdom in just a year, a shocking increase that has resulted from the recent surge in reported cases. Using newly released data from the National Fraud Database, it has been estimated that incidents increased from 289 in 2023 to almost 3,000 in 2024, a staggering 1,055% increase in incidents. 

It is clear from this sharp increase in cybercrime that a growing trend is emerging among cybercriminals who are increasingly exploiting the widespread adoption of two-factor authentication by businesses as a security measure to protect sensitive customer information. SIM-swap fraud, also known as sophisticated identity theft, is where fraudsters gain control of a victim’s mobile phone number by transferring it to a new SIM card, usually without the victim’s knowledge. 

When criminals hijack the phone number, they can intercept security codes sent via SMS and one-time passwords sent by SMS, thus gaining access to online banking, email, and other personal accounts protected by two-factor authentication (2FA), thereby gaining unauthorised access. In a world where businesses continue to heavily rely on mobile-based authentication to safeguard user data, this increasing threat underscores the urgent need for cybersecurity strategies that are more resilient and layered. 

There are critical concerns

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