Police in Spain dismantle a SIM-swapping ring that drained bank accounts

press release, Spain’s National Police agency said it arrested eight individuals in connection with the operation, which began no later than last March. The suspects, the authorities said, posed as bank employees and used fake messages to obtain personal information and bank details of targeted individuals.

“With this, they deceived the employees of phone stores to obtain duplicate SIM cards and, in this way, have access to the bank’s security confirmation messages,” the release stated. “In this way, they could operate in online banking and access bank accounts to empty them after receiving security confirmation messages from the banks.”