SIM swapping threatens the financial sector, especially institutions that use SMS for two-step authentication.

The high penetration of mobile telephony and internet access in Latin America and the Caribbean has created both opportunities and challenges for digital projects that seek to transform the industry and the customer experience. However, this progress has increased the attack surface for cybercriminals, who now use sophisticated methods such as SIM swapping. This threat is of particular concern to the financial sector, as it exploits vulnerabilities in authentication systems that employ SMS.