The threat of a SIM swap attack has surfaced due to the mass exodus of social media users toward cryptocurrency accounts. You could be financially harmed if phones or sensitive information are attached to cryptocurrency accounts.
Therefore, knowing how this fraud operates and the appropriate measures to defend oneself is important.
What Is A Sim Swap Attack?
This SIM hijacking is an older form of fraud in which a criminal persuades a mobile carrier to activate a SIM with the victim’s mobile number. The attacker then resets the victim’s user account login parameters to gain access to sensitive emails, bank accounts, or even cryptocurrency wallets.
This scheme allows the criminals to control their victims without needing their aid. This attack can affect individuals or organizations.
For instance, the US SEC’s social media account was hacked in January 2024, and a phony announcement that influenced Bitcoin’s price resulted—after deleting the post, the SEC acknowledged that there was an illegal to this account.
How Do Sim Swap Attacks Work?
The method of a Sim Swap Attack is straightforward:
Data Collection
The potential attacker needs several important bits of information, including the user’s address or billing information. They get this information via phishing, social engineering, spyware, and data breaches.
Carrier Impersonation
Faking a person’s identity comes into play once the Sim Swap Attacker has enough information to convince a mobile provider or distributor that they are you. The attacker may tell the distributor their SIM card is damaged or lost.
SIM Porting
Scammers don’t mind giving up the barring SIM codes needed to access the user’s accounts, allowing them to collect more information on the user. The distributor then shifts the user’s number to the attacker’s SIM card.
Account Access
This process allows the attacker to gain access to the rest of the victim’s accounts. Thus, they can make phone calls or text messages, including any 2FA codes, allowing them to transfer any information without the account owner’s awareness.
How Do Hackers Get Your Information?
The average person is at risk of a Sim Swap Attack. Hackers use several ways to gather their information. The notable ones are phishing, spoofing, data Breaches, and insider help
Signs You Are a Victim of a Sim Swap Attack
Some indicators will show you that a Sim Swap Attack has occurred.
Unable to Call and Send Messages: If you suddenly cannot make phone calls or send text messages, someone may have moved your number to another SIM card.
Getting Pinged by Unknown Alerts: Being notified about activity on your accounts or devices you don’t own should put you on alert.
Not Being Able to Access Your Accounts: A SIM change might be why you can’t access your accounts and see unsolicited password reset requests.
Withdrawal Or Transaction of Unknown Funds: New transactions or withdrawals from your accounts with banks or crypto exchanges are indicators of fraud.
Mitigating Risks of a Sim Swap Attack
There are some proactive measures you can take to mitigate the risks:
Enable SIM Security Features: Attach a SIM PIN to keep it safe.
Avoid Sharing Personal Data with the General Public: Avoid sharing information like your mother’s maiden name or date of birth, as scammers can use it to verify your identity.
Use compatible biometrics: Your account’s requirements should incorporate fingerprint and facial biometric identity features.
Switch Over to Embedded Sim: eSims would be the ideal choice as they are embedded into the mobile device and are hard to replicate or lose.
Never Respond to Phishing Scams: Avoid unsolicited emails or phone calls asking for personal data. Always double-check with your service providers if you have any questions.
Opt For Account Change Alerts: Enabling this feature will instantly notify you of any unauthorized activities on your account, saving you a lot of trouble.
Always use 2FA: When using 2FA, use Google Authenticator or Authy apps instead of relying solely on SMS.
What to Do if You’re Become a Victim
You must take proactive steps if you suspect your SIM has been swapped.
Speak with Your Carrier: Immediately report the issue to your mobile carrier to regain control over your phone number. Request that they prevent any other SIM card swaps.
Tell Your Bank or Exchange: Alert your banks or crypto exchanges about the attack. Explain that you request a hold on your accounts to avoid unauthorized or inappropriate use.
Change Your Passwords: Alter all account passwords requiring a second authentication factor for your telephone number.
Final Words
The harm from SIM swapping is enormous for crypto holders. However, measures such as virtualizing physical SIMs, using biometric features, and being wary of suspicious activities on your account would be helpful.
