Understand how it works, what to do next, and how to recover stolen funds or crypto
If you’ve lost money or cryptocurrency in a SIM swap scam, you are not alone. Criminals are using increasingly sophisticated methods to hijack mobile phone numbers and take over online accounts — often without the victim realising until it’s too late.
At CEL Solicitors, we’ve seen this first-hand. From stolen bank funds to drained crypto wallets, SIM swap scams are fast, targeted, and financially devastating. This guide explains what a SIM swap scam is, how it works, and — most importantly — what you can do if you’ve fallen victim.
What Is a SIM Swap Scam?
A SIM swap scam (also called SIM jacking or SIM hijacking) happens when someone tricks your mobile provider into transferring your phone number to a SIM card they control.
Once they’ve got access to your number, they can:
- Bypass SMS-based two-factor authentication (2FA)
- Receive password reset codes for your accounts
- Take control of your banking, email, or crypto apps
- Transfer funds or crypto assets before you even realise what’s happened
According to a 2024 Cifas Fraudscape report, unauthorised SIM swaps in the UK surged by over 1,000% — with more than £5 million stolen in a single year source.
How Does a SIM Swap Scam Work?
1. Gathering Your Personal Information
Fraudsters collect your personal data through phishing emails, malware, data breaches, or even your social media profile. They use this information to pass security checks with your mobile provider.
2. Contacting Your Mobile Network
The scammer impersonates you, claiming their phone was lost or stolen. They request a new SIM card and ask to transfer your number.
3. SIM Card Switch
Your mobile network mistakenly approves the transfer. Your number is now live on a new SIM card — in the hands of the scammer. Your own phone loses signal.
4. Accessing Your Accounts
They use your number to reset your passwords, receive verification codes for your accounts, and log in to your bank, crypto exchange, email, or social media accounts.
In many cases, victims don’t realise what’s happened until they’re locked out of their accounts or receive suspicious login alerts.
A Princeton University study on SIM swapping found that 39 out of 50 attempted SIM swaps on major US carriers were successful — showing how vulnerable networks can be to social engineering source.
Real-World Warning from CEL’s Crypto Fraud Director
As the summer travel season ramps up, criminals increasingly target people when they’re distracted, whether on holiday or commuting. They’re not just stealing phones, but also hijacking numbers using SIM swaps to access banking and crypto accounts within minutes.
Ryan Sweetnam, Director of Crypto Fraud and Financial Litigation at CEL Solicitors, recently told the Express:
“SIM swap fraud is one of the fastest-growing cyber threats we’re seeing, particularly affecting people when they’re more relaxed. This can be whilst you’re walking around town, to the tube, bus or just along the street, or even when you’re on holiday, be it in the UK or abroad.”
He added:
“Once a scammer has your phone they can potentially access your banking and crypto accounts within minutes.”
Sweetnam warned that many victims don’t even realise the fraud has occurred until it’s too late, especially while abroad, where monitoring financial activity may be less frequent and mobile security can be weaker.
Why Are Crypto Wallets Targeted?
Crypto platforms often use SMS verification. Once scammers gain access to your number, they can:
- Log into your exchange or wallet
- Transfer your tokens to their own wallets
- Use mixers or decentralised exchanges to hide the funds
In the US, a SIM swap gang stole over $100 million in cryptocurrency from high-profile targets including influencers, business owners, and crypto investors.
The appeal is simple: crypto is fast, decentralised, and nearly impossible to reverse once transferred.
Crypto is, however, possible to trace and recover.
Common Signs of a SIM Swap Scam
You may have been targeted if:
- Your phone suddenly shows “No Service” or “Emergency Calls Only”
- You’re locked out of banking, crypto, or email accounts
- You receive unexpected alerts or password resets
- Your friends receive scam messages from your number or accounts
If any of these happen — act fast.
What to Do If You’re a Victim
1. Contact Your Mobile Provider Immediately
Ask them to:
- Reverse the SIM transfer
- Secure your account with a PIN or password
- Investigate the breach
2. Secure Your Online Accounts
First, change your passwords. You should then remove and update the phone number used for 2FA attached to the account. You can use a tool like Google Authenticator or Authy to house your 2FA keys securely. If possible, you should also enable login alerts so that you are notified should your account be accessed.
3. Report It to Action Fraud
Submit a report at actionfraud.police.uk or call 0300 123 2040. You’ll receive a crime reference number, which is useful when dealing with financial institutions or legal claims.
4. Get Legal Advice
If you’ve lost money — especially a large sum or cryptocurrency — speak to a solicitor. At CEL Solicitors, we investigate whether negligence occurred (either by your bank or crypto platform) and help trace and recover stolen funds where possible.
Can You Get Your Money Back?
Often, Yes. CEL Solicitors works with forensic investigators to trace crypto and financial fraud. We can also explore claims against banks and crypto platforms that failed to flag suspicious transfers.
We offer a no-win, no-fee service and will let you know from day one if we believe you have a strong claim.
How to Protect Yourself in Future
With so much of our daily lives taking place on smartphones, it has never been more important to take online security seriously.
To protect yourself:
- add a porting PIN or password to your mobile account
- stop using SMS for 2FA – switch to an authenticator app
- keep your email secure with a strong password and login alerts
- limit personal info on social media (e.g. birthdays, pet names)
- watch out for phishing emails asking for login or account info
You Are Not Alone — Just Tell CEL
We’ve helped thousands of people reclaim what’s rightfully theirs after being scammed — and we’re here to help you too.
Whether your money was lost through a SIM swap scam, online fraud, or a negligent platform, we’ll fight to recover it with clarity, urgency and compassion.
Enquire now or call 0333 920 2733 to start your claim.
