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Beware! There’s a New Scam in Town

Published by Kristen Reinking on 05 Dec 2016

Guess what? There is a new scam in town! Just in time for the big shopping season when there are a lot of people using their phones to make purchases. Of course, this is a scam that can happen at any time, to anyone who has a phone, and not just around the holidays.smart_phone_chain_lock_8534 - Copy.png

The subscriber identity module (SIM) card in your phone is the memory chip that stores information identifying the phone to a network. In a rapid growing type of fraud known as a "SIM swap" scam, fraudsters take over your mobile account in order to steal your identity.

According to the Federal Trade Commission, thieves then contact your phone company, claiming to be you, and request activation of a new SIM card with your existing phone number. Your phone goes dead, and the thief can then intercept phone calls and text messages that allow access to financial accounts.

TIP: As a safeguard, consider adding a password that must be activated before your phone account can be changed.

At Summit CPA we offer multiple resources to assist you with all of your tax and financial planning needs. Contact our office at 866-497-9761 to schedule an appointment with our advisors.

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