In the UK, reported SIM swap incidents surged by over 1,000% in a single year, escalating from 289 to nearly 3,000 cases, highlighting the growing prevalence of this crime.

In the U.S., the FBI reported losses from SIM swap attacks at $68 million in 2021, $48.8 million in 2023, and $82 million in 2024, indicating a well-organized threat targeting investors and public figures.

Teen hackers are exploiting SIM swap vulnerabilities, leading to significant cryptocurrency thefts, including a notorious $37 million heist in 2020.

Cameron Redman, a Canadian teenager, hijacked the phone number of crypto investor Josh Jones, accessing two-factor authentication codes to steal over 1,547 Bitcoin and 60,000 Bitcoin Cash, valued at approximately $37 million at the time.

After the theft, Redman attempted to launder the stolen assets through numerous microtransactions on centralized crypto exchanges, but law enforcement only recovered $5.4 million, leaving over $31 million unaccounted for.

Redman was charged in November 2021 in Canada, with support from U.S. federal agencies, but his minor status initially protected his identity in legal proceedings.

Despite being charged, Redman reportedly continued to engage in social engineering and online fraud, indicating a failure of the justice system to deter such repeat offenses.

The leniency in sentencing for young cybercriminals fosters a cycle of repeat offenses, as the financial rewards often outweigh the minimal risks of prosecution.

Legal protections for young offenders in Canada and the European Union result in weak penalties for cybercrime, reducing deterrence for similar future offenses.

The urgent need for legal reform is emphasized, especially with the ongoing expansion of digital assets, to prevent the proliferation of juvenile cybercrime.

Calls for reform are growing, as experts argue that stronger sentencing and reduced anonymity are necessary to combat rising rates of digital fraud.

The rising threat of SIM swap attacks, a method of identity theft where attackers gain control of victims' phone numbers to intercept verification codes and access secure accounts, has become a significant concern.