Crypto Users: What You Need To Know About The SIM Swap Hack
When it comes to crypto, you should be aware of plenty of risks. Hackers may try to steal your personal information, assets, or even more serious things like your identity or banking information. But one risk you might not have thought about is the new SIM swap hack targeting crypto users to steal their digital assets. To protect yourself from this growing threat, here are some things you need to know about the SIM swap hack and how it works.
How the hack works.
In a SIM swap hack, a hacker calls up your mobile phone provider and dupes them into transferring you to their control. The user is usually told that there’s been a breach in security (e.g., Social Security Number was compromised) and you need to make an urgent account change or else risk further data theft
Of course, changing one of these details (like your email password) will also grant access to anyone who gets hold of that information—including hackers. The hacker may even use automated voice-recording software so they don’t have to be on the line once they dial in.
Signs that you have been hacked.
If you receive a call that’s not coming from someone you know, even if it is coming from their number, proceed with caution. In some cases, thieves have been known to spoof caller ID numbers, so don’t assume it’s safe to answer just because you recognize a phone number on your screen.
Before engaging with any unknown parties, be sure to check that they are who they claim to be. You can do so by checking out their accounts on social media or by looking them up on another database of phone numbers (like Whitepages). If an unknown party has taken control of your SIM card and doesn’t have access to these resources about themselves, then there’s a good chance something nefarious is going on.
Prevention from getting hacked.
If you’re involved in cryptocurrency, you must be aware of a popular scam known as SIM swap fraud. The scam is simple, easy to pull off, and can put many people at risk. Criminals initiate calls with your cell phone provider, convince them they are you and set up new services using different account information (most often, they request a new SIM card). Then, after getting their hands on your number, they take control of some or all of your accounts.
If your phone goes missing or gets stolen, all an attacker needs are your phone number to commit fraud on multiple accounts or apps with access to sensitive financial information. Worse, once hackers have access to these accounts, it can be difficult for users to get their information back.
After your account has been hacked.
Recovering from a SIM swap hack isn’t simple. It takes time, patience, and specialized help to get everything back under control. There is no single formula for recovery because every situation is different. Some victims retrieve some or all of their crypto in a relatively short time; others may never be able to recover their crypto. The main thing to keep in mind is that it’s a process, and any progress you make will bring you one step closer to total recovery.
In Conclusion
You might want to consider taking further precautions to protect yourself. Whether you’re a business or individual cryptocurrency owner, it’s smart to know what a SIM swap attack is and how it can be carried out so you can protect yourself. With a bit of planning and quick thinking, you can thwart attackers before they have a chance to do any damage—and keep your money safe
