The SIM Swapping fraud is still continuing but law enforcement is staying on top of it!
Another One Bites The Dust
On August 17, 2018, nineteen-year-old Xzavyer Clemente Narvaez was arrested for swapping SIM cards by REACT Task Force investigators who are targeting
cybercriminals who take over cell phones, emails, and financial accounts in which are used to steal cryptocurrency.
Investigators claim Narvaez spent his stolen riches on luxury items such as a McLaren — a $200,000 value sports car. One of Narvaez’s victims reported being robbed of $150,000 in cryptocurrency after his phone was commandeered. It is suspected that Narvaez’s crime spree is estimated at a little less than $1 million in virtual currencies.
How SIM Swaps Are Conducted
A deceitful SIM swap results in a cell phone service being transferred from one device to another without the authorization of the account holder. Then, the victim will suddenly lose service; all incoming calls and text messages are sent to the hacker’s device.
From there, the hacker will only need to reset a few passwords. If a two-factor authentication is required, the cell phone will receive the necessary codes to do so.
How Narvaez Got Caught
In July, 20-year-old Joel Ortiz was caught swapping SIMs of 40 victims, stealing more than $5 million in cryptocurrencies. On one of the phones Ortiz used in his scheme was linked to a Google account identified as Xzavuer.Narvaez@gmail.com.
The International Mobile Equipment Identity (IMEI) number is a serial number used to identify a mobile phone. Narvaez’s constant use of the same mobile device for his SIM swap schemes sequentially gave him away.
Charges Against Narvaez
Narvaez is up against four counts of using personal identifying information without authorization; four counts of altering and damaging computer data with intent to defraud or obtain money; and grand theft of personal property of value over nine hundred and fifty thousand dollars.
Original Article Found Here.