Chile sees surge in SIM-swap fraud targeting bank accounts

Chile's telecom regulator Subtel has received nearly 700 complaints in 2026 about unauthorized mobile number portability, indicating a rise in SIM-swap scams where attackers hijack phone numbers to bypass bank security and drain accounts. The scale suggests a coordinated criminal campaign exploiting telecom and banking vulnerabilities. This highlights a growing cyber threat to financial systems in Chile, with potential for broader regional impact.