Europol, Spanish and Romanian police arrest 26 people in connection with SIM swapping attacks. SIM swapping is a clever social engineering trick used by cybercriminals to hijack victims’ phone numbers. The SIM swap then grants attackers access to incoming phone calls, text messages, and one-time verification codes that various websites send via SMS messages as part of the two-factor authentication process. The criminals allegedly made fraudulent transfers from victims’ accounts using the authentication codes the banks sent to the phones for confirmation.
Source: https://thehackernews.com/2020/03/sim-swapping-fraud-hacking.html