Biz tip of the week: New cyber security threat devastates business owners

A new cybersecurity threat has emerged. According to the FBI, “SIM swapping” attacks have increased by more than 500% recently.

Essentially, a SIM swapping attack removes you as the admin on all of your accounts. It gives complete control to someone else. Hackers can easily hijack and control virtually everything, including your home and business phones, computers, email, bank accounts, security systems, vehicles and more.

Consider this true story of how loss of admin control has affected a local business owner.

Lisa built a very successful business. After several years, she brought on a partner to manage the internet technology needs. The company utilized several software programs for business development and asset management. To integrate the systems, her partner had admin access to all of Lisa’s accounts and installed hardware in her home. As a partner, he was a signer on her company bank account.

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Then her partner and another manager quit unexpectedly and formed a competing company. That is when her nightmare began.

Lisa was no longer listed as the “administrator” on any of her accounts. She was simply a “user.” Her partner controlled the company website, employee emails, bank account, business development software and all of her personal and professional phone numbers. Her phone was cloned, keylogging spyware was installed on her computers, and she found several hidden cameras, microphones and wireless transmitting devices in her home. Her calls and emails to the police and FBI were blocked. Tech support could not help. New devices were purchased, and they were instantly hacked, too. Nothing seemed to work.

Her partner deposited company checks into his personal account for “safe keeping,” closed her credit cards and hired a good attorney. Left with no financial resources, Lisa could not hire an attorney to fight back. Her former partner opened a new office and hired most of her former employees.

According to the FBI, random hackers can easily take admin control of your accounts. Next week, we will tell you how they do it, and how to prevent it.