$17K Gone in a Flash: The Hidden Danger of SIM Swap Scams

Maryland woman loses $17K in SIM card swap scam despite two-factor authentication (YouTube link)

What is a SIM Swap Scam?

A SIM swap scam involves fraudsters tricking a victim's mobile carrier (e.g., Verizon, T-Mobile) into transferring the victim's phone number to a new SIM card controlled by the scammer. They pose as the victim, claiming a lost/stolen phone, and use stolen personal info (from phishing, social media, or data brokers) to verify identity. Once successful, the scammer intercepts all calls, texts, and data, primarily to bypass two-factor authentication (2FA) via SMS for accessing bank accounts, emails, or other services—leading to account takeovers and financial theft.

The scam typically follows 12 steps:

• Scammer calls carrier pretending to be victim
• Claims phone is lost/stolen
• Requests new SIM for the same number
• Provides stolen personal info for verification
• Carrier activates the new SIM
• Scammer receives victim's communications
• Scammer resets victim's account password
• Site sends 2FA code via text
• Scammer intercepts and enters the code
• Gains account access
• Changes passwords to lock out victim
• Drains funds

Cases surged in late 2023, per reports.

Warning Signs of a SIM Swap Attack

• Sudden loss of phone service (calls, texts, data) without explanation, or an unexpected carrier notification about SIM activation on a new device
• Alerts for suspicious account activity or login attempts from unfamiliar locations
• Inability to access accounts due to password changes or failed logins
• Unauthorized transactions or charges on financial accounts

If suspected, follow Avast Academy's recovery steps: contact carrier/bank immediately, dispute charges, and secure accounts.

Prevention Tips

• Ignore unsolicited requests: Never share personal info via unsolicited calls/emails/texts; verify independently using official contacts.
• Limit online sharing: Avoid posting full name, address, birthdate, or phone number on social media to hinder scammer profiling.
• Secure your carrier account: Set up a PIN/password with your provider to block unauthorized changes.
• Enable alerts: Opt-in for notifications from banks/carriers about account changes or activity.
• Upgrade 2FA: Use app-based (e.g., Google Authenticator), biometric (e.g., Face ID), or hardware keys (e.g., YubiKey) instead of SMS—avoid password reuse and ensure complexity.

Sources

• FTC and Avast Academy. 
• MFA is better than passwords alone, but non-SMS methods are most secure.

Larry Fink's Bold Economic Forecast: Tariffs, Uncertainty, and the Future of Globalization (Aug 3, 2025)

Larry Fink's Predictions For The Next Seven Years (YouTube link)

When Larry Fink was asked what macro or geopolitical trends he thought the world elites might be underestimating, he responded, 

"I have no idea what the next seven days are going to be, but I'm very confident in the next seven years."

In the video above, BlackRock CEO Larry Fink outlined his predictions for the next seven years, emphasizing the need for a reimagined "Globalization 2.0." 

Key Takeaways

Here’s a summary of his key points:

• Globalization’s Mixed Legacy: Fink acknowledges that globalization has lifted millions into the middle class over the past 25 years but has left many segments of society behind, fueling populism (e.g., Brexit). He advocates for a new globalization model that broadens economic benefits to include those previously excluded.
• U.S. Policy and Tariffs: The U.S. is disrupting traditional globalization and alliances through aggressive tariff policies. Fink predicts these tariffs, if implemented, will significantly increase inflation over the next five months, potentially exacerbating economic challenges.
• Economic Weakening and Uncertainty: Recent economic data shows a weakening U.S. economy, driven by uncertainty surrounding trade policies. Drawing on behavioral science, Fink notes that uncertainty biases decision-making toward pessimism, leading to conservative economic choices by businesses and consumers.
• Bond Market and Inflation: Despite a recent decline in the 10-year Treasury yield to 4.37%, Fink warns that markets may be underestimating the inflationary impact of tariffs. He expects these pressures to manifest more clearly in the near term.
• Global Conversations: Fink highlights a contrast in discussions with leaders in Europe versus the U.S., with tariffs being a universal concern. He emphasizes the unpredictability of short-term outcomes (next seven days) but expresses confidence in long-term trends over the next seven years.

Overall, Fink sees the U.S. economy facing heightened inflation and uncertainty due to tariffs, necessitating a more inclusive globalization framework to address inequities and stabilize economic outcomes.