SIM swapping, also known as "Unauthorized Account Takeover", is based on social engineering techniques that allow fraudsters to take control of a mobile device.
In particular, accounts and online access managed using a mobile number for 2FA (2-factor authentication) are protected against account resets etc. with SIM Swap.
The real-time information about a SIM card exchange that can be queried via API can be provided as a status to banks' abuse prevention systems, for example, or can also be valuable for social media platform operators to curb identity theft.