A SIM swap is a scam where a criminal gets your phone number moved to a SIM card they control. From then on, they receive all calls and texts meant for you, including login codes. With those, they can reset passwords and get into your accounts.
How does a SIM swap work?
The scammer first gathers information about you, for example from social media or a data leak. They then contact your mobile operator, pretend to be you and ask for a new SIM card or eSIM. Sometimes staff are bribed. This is a form of social engineering.
The first sign is often that your phone suddenly loses signal and you can't call or text. Meanwhile, the scammer tries to get into your email, your online bank and your accounts at crypto exchangesCrypto exchangeA company or platform where you buy, sell and swap crypto, for example with krónur..
The FBI's Internet Crime Complaint Center received 1,611 SIM swap complaints in 2021, with losses of more than 68 million US dollars.
How do you protect yourself?
- Avoid SMS for two-factor authenticationTwo-factor authentication (2FA)A login that needs two different proofs of who you are, such as a password and a code from an app, so a stolen password isn't enough. where something else is offered. An authenticator app or a security key isn't tied to your phone number.
- Ask your mobile operator what protection it offers against your number being moved without your permission.
- Keep your crypto holdings to yourself. People who talk about their holdings online become bigger targets.
- Act fast. If your phone loses signal for no clear reason, contact your mobile operator and your bank straight away.
If someone has got into your accounts after a SIM swap, report it to the police through Ísland.is.
Everything in Myntkaup Learn is written and regularly reviewed by the Myntkaup editorial team. It is for education and is not investment advice. Editorial policy. Updated 18 October 2026.