SIM Swap Attack and Crypto Community

SIM Swap Attack and Crypto Community

Instead of the device itself, SIM cards are connected with cell numbers, making the SIM migration from your old mobile device to the current one reasonably simple and painless. The SIM card from the old phone must be removed and inserted into the latest mobile phone. Your SIM card contains a variety of access codes and phone numbers that your mobile uses to connect to the mobile carrier network. Only a few mobile handsets have an eSIM, a built-in SIM card that can be changed from anywhere to obtain SIM details and connect it to a cellphone number.

Users who desire to migrate their cell number to a new smartphone remove the SIM card from their old mobile and insert it into the new one. Furthermore, if the SIM card is destroyed or lost, or if the user’s new phone needs a new SIM card, the user should approach their cell carrier provider to arrange for a SIM exchange. When they swap SIM cards, the user’s cell number and account transfer from one SIM card to another.

This blog will discuss the SIM swap and its adverse impact on the crypto community.

What Are SIM Swap Attacks and How Do They Work?

Several organizations have implemented 2FA (two-factor authentication) to improve the security of their access rights identification. Two-factor authentication can accomplish using “something you know,” such as a passcode, and “something you have,” such as a physical credential.

An email or an SMS is the most frequent two-factor verification technique. When utilizing this approach, the individual will receive a One Time Password (OTP) to their email address or cell number. However, this approach is often useless for 2FA and SIM switch attacks. The evil hacker’s purpose, similar to a SIM-swap scam, is to gain possession of your SIM card to obtain access to your messages, receive codes, and contacts; the 2FA you receive on your cellphone becomes quite beneficial for them instead of you. It enables the process of robbing you and emptying your bank accounts a lot easier.

Since swapping a SIM card is a legal customer care process, malevolent hackers use social engineering to impersonate the victim to the mobile carrier’s user service agents. A SIM-swap attack starts with victim spamming and profiling attempts to gather personal information to successfully copy the victim to customer support personnel or provide the essential details to complete the SIM-swap via self-service websites or applications.

SIM Swap Scams Adverse Effects

After effectively swapping the SIM, cybercriminals can gain accessibility to the victim’s bank account, email account, business documents, social media profiles, and other critical information. It encourages them to steal more. Regaining control of the SIM could make it simple to change credentials or use the ‘forgot password’ feature of online accounts that rely solely on providing a 2FA code through text message as the only sort of valid identification needed to generate a new passcode.

What Impact Does a SIM Swap Have on the Crypto Community?

Mobile phones are essential to us. Changing our SIM cards at this point would be highly inconvenient. If you use Sam-based 2-factor authentication to log in to your bank account, you may be putting your savings at risk. Assume a dangerous hacker acquires the login details to your crypto account (ID and password). In that circumstance, getting an OTP via two-factor authentication (an SMS code, an email code, or a phone call) to validate a login attempt may be impossible. If an attacker gains access to your phone, they can change your user ID and credential and prevent you from receiving 2-factor authentication login alerts or notifications.

Attackers can then gain access to your accounts by requesting that your two-factor authentication tokens be sent to their mobile (as it is now receiving your text messages and calls). They can transfer your funds to their bank account before you do anything. They can wreak even more havoc by using techniques like coin mixing to get access to other accounts. Cybercriminals can also add new smartphones to your two-factor authentication, so even if your cellphone restores, your bitcoin wallet could be at risk.

How Can SIM Swap Attacks Be Avoided?

A few excellent SIM swap avoidance techniques are listed below.

  • Please don’t open spammy emails or links since they design to impersonate you and steal your login details and other critical information.
  • Don’t give out personal information on social media. Attackers are on the watch for any small data about you that they might use to profile you as a target. If you don’t want your details (phone number, parents’ names, date of birth, dogs’ names) to exploit against you, don’t share them.
  • Never disclose your banking or credit card info with anyone unless you are sure who is on the other end of the line.
  • Maintain vigilance and keep an eye on your cellphone signals at all times. If you are experiencing signal issues, contact your mobile service provider.
  • Use authentication applications and physical codes for two-factor authentication.
  • Update your login credentials regularly (in every month or two)
  • Disable your mobile number as a two-factor authentication from your banking and other sensitive accounts.
  • Get Efani and protect your self from SIM swap.

Finally, if you have been the pawn of a SIM swap attack, act quickly to safeguard yourself from suffering more severe damage than just a cell number theft.

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