Fraud alert! Hackers using SIM-swapping are stealing millions worth of crypto without victim’s knowledge


Hackers are using a new SIM-swapping technique to steal millions of dollars worth of cryptocurrency without the victim’s knowledge. This technique, dubbed SIM-swapping, details how hackers use their own SIM card to trick a phone into secretly transferring the victim’s cryptocurrency. SIM-swapping was first used by hackers to steal $4.5 million worth of cryptocurrency from users of an ATM in Taiwan.

Hackers have been able to steal billions of dollars worth of cryptocurrency from unsuspecting victims, using a new method of SIM-swapping, and the numbers are growing. The new method is very simple: the hacker takes over the sim card of a victim and uses that to make transactions directly with exchanges and wallets, without the victims knowledge.

The carpet stretches. Despite the performance. Pumps and drains.

You may have heard of similar scams that keep popping up in the cryptocurrency space, leaving millions of users with worthless tokens. But have you ever heard of an attack that can steal your cryptocurrency funds through your SIM card? That’s right. Hackers exploit certain loopholes in the 2FA system and use SIM swapping techniques to successfully steal your money.

Swapping SIM cards is not a new phenomenon, but it has taken on new meaning in this evolving industry. Hackers find ways to steal your mobile data and use it to bypass SMS-based two-factor authentication. If they manage to clone your sim card and pass off your digital identity as your device, you could potentially lose all your balances in your bank account and in your wallet of cryptocurrencies.

How do you stop someone from stealing your online footprint? To answer this question, you must first understand how SIM card swapping or SIM card port fraud works. We then propose solutions and preventive measures. Stay till the end. You can’t be the next victim!

What is a SIM card exchange?

Sim-swapping or sim-jacking is an attack used by hackers to take control of your mobile device. You may think you have access to your device, but all the information and data has already been transferred to another SIM card that the attacker has control over. SIM swapping is considered one of the most dangerous attacks, as your extra layer of security cannot prevent hackers from accessing your internal accounts. Cryptocurrencies are of a different order: When it comes to assets, attackers take advantage of their decentralized nature.

Is it difficult to replace SIM cards?

You might think that hackers would use strange, unknown software to get past firewalls and steal your SIM card number, but that’s not the case at all. This criminal theft is committed through social engineering. Attackers do not need to use code or hacking tools to gain access to individuals’ online accounts. They find information on darknet markets and use it to impersonate their targets. By finding out the victim’s SIM card number and activating it, they can easily bypass the 2FA system and gain access to any account. It’s also important to note that it’s not just well-known influencers or high-profile targets that are being targeted, but individuals as well.

But wait – how did they get my phone number?

Fraud alert! Hackers using SIM-swapping are stealing millions worth of crypto without victim’s knowledge

Hackers who forge SIM cards are more successful than others for a simple reason: cell phone operators are victims of social engineering. The perpetrator calls service providers, posing as the victim and asking to transfer the victim’s number to his own SIM card.

Since help desk staff have no knowledge of these types of attacks, they believe any story the attacker makes up on the spot. In support of his argument, he provides some personal information, such as address and date of birth, which he has purchased from third parties or found online. Once you give your mobile number, the attackers will start receiving calls and text messages from you. The scariest part of this process is that your old card will be deactivated and the attacker will reset access to your accounts.

How does SIM card swapping work in the crypto industry?

Scammers who use SIM card swapping work in different ways. Some are trying to access your bank account or cryptocurrency wallet through a number of 2FA vulnerabilities. If someone wants full control, they can just link your phone number to their SIM card. When SIM cards are exchanged, it is often forgotten that two parties with two SIM cards can access the same number. Therefore, we can also speak of SIM splitting.

Fraud alert! Hackers using SIM-swapping are stealing millions worth of crypto without victim’s knowledge

Some are even used on a large scale, targeting hundreds of people. We have seen many cases of hackers bypassing two-factor authentication and using hundreds of SIM cards to access online accounts.

In most cases, we see hackers changing passwords by clicking the Try another method button until they get another option A verification code sent to your phone. As the victim effectively loses control, the code is passed to the attacker, who successfully resets the password.

To access your crypto-currency wallet, they look for emails from crypto-currency exchanges like Coinbase or Kraken. They follow the same method to reset the password. Now that he has full control over your wallet, he can directly enter his wallet address and instantly withdraw all your cryptocurrencies.

The saddest thing about wallet theft is that bank accounts and credit cards are attached to it. The intruder will also take advantage of these opportunities. All they have to do is enter a verification code or OTP to process the transaction and fund the USD account. With this money, he can buy more cryptocurrencies and transfer them to his own wallet.

That’s not all: an attacker can delete your emails without your knowledge and intercept every password, text, and deletion. Finally, what’s even more worrying is that an attacker could gain access to a personal account – for example. B. Google or something like your password manager.

Basic cryptographic hacks with SIM switching

In recent years, we have seen hackers aggressively use SIM card exchanges to steal millions of cryptocurrencies. Some of them were arrested, while others escaped without leaving a digital trail. Let’s look at three cases to see how devastating SIM spoofing attacks can be.

T-Mobile sued for Sim attack – $450,000 in BTC lost.

This incident happened a few months ago, when Kelvin Cheng, a T-Mobile customer, lost 15 bitcoins. The co-founder of an investment fund received a message via Telegram offering him the best market value for his bitcoins. His data was put online, and hackers used it to forge the SIM card. Although T-Mobile insisted it was following best authentication practices, the case backfired and cost the company approximately $450,000.

Cybercriminals have stolen $100 million worth of cryptocurrencies from influencers.

After a year-long investigation by a European law enforcement agency, eight people have been arrested for hijacking phone numbers and stealing millions in cryptocurrency from internet stars, athletes and musicians. Police revealed that the suspects used a SIM swap program to infiltrate smartphones and monitor all social media accounts. After gaining access to the phone number, they were able to reset the login credentials and empty the entire wallet.

A teenage hacker stole $1 million from an investor.

Gregg Bennett, an angel investor at Bennett Enterprises, discovered that his phone stopped working and he suddenly lost $1 million in cryptocurrencies. When he contacted AT&T, he learned that his secret access code had been changed without his knowledge. He didn’t know the SIM trade-off for someone with 16 years of experience with startups and mutual funds.

Remember – Jack Dorsey was also hacked with a SIM swap. They are also in danger. Don’t forget that.

How do you protect yourself against SIM card spoofing attacks?

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Fraud alert! Hackers using SIM-swapping are stealing millions worth of crypto without victim’s knowledge

We understand. It’s frustrating to know that you could lose all your money even if you have 2FA enabled, but don’t worry, we’ll take care of you.

It’s impossible to predict how a hacker will steal your identity, but you can protect yourself and limit the consequences if your SIM card is tampered with. Below are some practical tips that you can apply immediately:

  • Change your password and make sure you use special characters, numbers and capital letters.
  • Create an additional PIN to add a new security level.
  • Call a customer service representative and ask them to never give you any information over the phone. Also tell the representative that official identification is required to transfer the SIM card number.
  • Create a new Google account and do not use your business phone number for verification.

They are essential for identifying you online and protecting your bank accounts, social media profiles and anything else associated with your Google or Apple account.

Various complementary measures

Two-factor system update

Fraud alert! Hackers using SIM-swapping are stealing millions worth of crypto without victim’s knowledge

This is probably the best thing you can do right now to prevent hackers from bypassing your text-based two-factor authentication. If you use Google Authenticator or Authy, you only get SMS security that syncs with your Google account at all times.

To fill in the blanks, you must have a physical key fob for verification. If you have a physical token, you can disable SMS and no hacker can steal your keys. By attaching your digital identity to a keychain, you raise the stakes for hackers and make an attack much less likely.

Try the Google Voice Dialer

Fraud alert! Hackers using SIM-swapping are stealing millions worth of crypto without victim’s knowledge

You can find your number here

Security experts recommend replacing your phone number with a Google Voice number for any service that requires it. They also point out that this can make things very complicated, so it can be difficult to follow the process in day-to-day practice.

Protect your password manager

Fraud alert! Hackers using SIM-swapping are stealing millions worth of crypto without victim’s knowledge

Lastpass VS 1Password

If you use a password manager to store notes, card information, and other private keys, you should upgrade your security or choose a cloud-based application. LastPass and 1Password are the most affordable solutions, so try them out and see which one offers the most security for your basic passwords.

Final thoughts

It’s perfectly normal to feel overwhelmed, but you need to understand how important these preventative measures are to your digital identity and crypto currency funds. If you have a strong authentication application and unique passwords for each account, you are already making it incredibly difficult for hackers. In particular, we ask that you let your mobile operators know that you do not carry your SIM card with you without being physically present and that you do not link the 2FA system to your phone number. Invest your time in building additional layers of protection and you will never be the next victim.

Swapping SIM cards is not a new phenomenon, but it has taken on new meaning in this evolving industry. Hackers find ways to steal your mobile data and use it to bypass SMS-based two-factor authentication. If they manage to clone your sim card and pass off your digital identity as your device, you could potentially lose all your balances in your bank account and in your wallet of cryptocurrencies.

How do you stop someone from stealing your online footprint? To answer this question, you must first understand how SIM card swapping or SIM card port fraud works. We then propose solutions and preventive measures. Stay till the end. You can’t be the next victim!

What is a SIM card exchange?

Sim-swapping or sim-jacking is an attack used by hackers to take control of your mobile device. You may think you have access to your device, but all the information and data has already been transferred to another SIM card that the attacker has control over. SIM swapping is considered one of the most dangerous attacks, as your extra layer of security cannot prevent hackers from accessing your internal accounts. Cryptocurrencies are of a different order: When it comes to assets, attackers take advantage of their decentralized nature.

Is it difficult to replace SIM cards?

You might think that hackers would use strange, unknown software to get past firewalls and steal your SIM card number, but that’s not the case at all. This criminal theft is committed through social engineering. Attackers do not need to use code or hacking tools to gain access to individuals’ online accounts. They find information on darknet markets and use it to impersonate their targets. By finding out the victim’s SIM card number and activating it, they can easily bypass the 2FA system and gain access to any account. It’s also important to note that it’s not just well-known influencers or high-profile targets that are being targeted, but individuals as well.

But wait – how did they get my phone number?

Fraud alert! Hackers using SIM-swapping are stealing millions worth of crypto without victim’s knowledge

Hackers who forge SIM cards are more successful than others for a simple reason: cell phone operators are victims of social engineering. The perpetrator calls service providers, posing as the victim and asking to transfer the victim’s number to his own SIM card.

Since help desk staff have no knowledge of these types of attacks, they believe any story the attacker makes up on the spot. In support of his argument, he provides some personal information, such as address and date of birth, which he has purchased from third parties or found online. Once you give your mobile number, the attackers will start receiving calls and text messages from you. The scariest part of this process is that your old card will be deactivated and the attacker will reset access to your accounts.

How does SIM card trading work in the cryptocurrency industry?

Scammers who use SIM card swapping work in different ways. Some are trying to access your bank account or cryptocurrency wallet through a number of 2FA vulnerabilities. If someone wants total control, they can just link your phone number to their SIM card. When SIM cards are exchanged, it is often forgotten that two parties with two SIM cards can access the same number. Therefore, we can also speak of SIM splitting.

Fraud alert! Hackers using SIM-swapping are stealing millions worth of crypto without victim’s knowledge

Some are even used on a large scale, targeting hundreds of people. We have seen many cases of hackers bypassing two-factor authentication and using hundreds of SIM cards to access online accounts.

In most cases, we see hackers changing passwords by clicking the Try another method button until they get another option A verification code sent to your phone. As the victim effectively loses control, the code is passed to the attacker, who successfully resets the password.

To access your crypto-currency wallet, they look for emails from crypto-currency exchanges like Coinbase or Kraken. They follow the same method to reset the password. Now that he has full control over your wallet, he can directly enter his wallet address and instantly withdraw all your cryptocurrencies.

The saddest thing about wallet theft is that bank accounts and credit cards are attached to it. The intruder will also take advantage of these opportunities. All they have to do is enter a verification code or OTP to process the transaction and fund the USD account. With this money, he can buy more cryptocurrencies and transfer them to his own wallet.

That’s not all: an attacker can delete your emails without your knowledge and intercept every password, text, and deletion. Finally, what’s even more troubling is that an attacker could gain access to a personal account – for example. B. Google or something like your password manager.

Major crypto-currency hacks with SIM card replacement

In recent years, we have seen hackers aggressively use SIM card exchanges to steal millions of cryptocurrencies. Some of them were arrested, while others escaped without leaving a digital trail. Let’s look at three cases to see how devastating SIM spoofing attacks can be.

T-Mobile sued for Sim attack – $450,000 in BTC lost.

This incident happened a few months ago, when Kelvin Cheng, a T-Mobile customer, lost 15 bitcoins. The co-founder of an investment fund received a message via Telegram offering him the best market value for his bitcoins. His data was put online, and hackers used it to forge the SIM card. Although T-Mobile insisted it was following best authentication practices, the case backfired and cost the company approximately $450,000.

Cybercriminals have stolen $100 million worth of cryptocurrencies from influencers.

After a year-long investigation by a European law enforcement agency, eight people have been arrested for hijacking phone numbers and stealing millions in cryptocurrency from internet stars, athletes and musicians. Police revealed that the suspects used a SIM swap program to infiltrate smartphones and monitor all social media accounts. After gaining access to the phone number, they were able to reset the login credentials and empty the entire wallet.

A teenage hacker stole $1 million from an investor.

Gregg Bennett, an angel investor at Bennett Enterprises, discovered that his phone stopped working and he suddenly lost $1 million in cryptocurrencies. When he contacted AT&T, he learned that his secret access code had been changed without his knowledge. He didn’t know the SIM trade-off for someone with 16 years of experience with startups and mutual funds.

Remember – Jack Dorsey was also hacked with a SIM swap. They are also in danger. Don’t forget that.

How do you protect yourself from SIM swap attacks?

Lifesfinewhine/>

Fraud alert! Hackers using SIM-swapping are stealing millions worth of crypto without victim’s knowledge

We understand. It is frustrating to know that you can lose all your money even after activating the 2FA system, but don’t worry, we will take care of you.

It’s impossible to predict how a hacker will steal your identity, but you can protect yourself and limit the consequences if your SIM card is tampered with. Below are some practical tips that you can apply immediately:

  • Change your password and make sure you use special characters, numbers and capital letters.
  • Create an additional PIN to add a new security level.
  • Call a customer service representative and ask them to never give you any information over the phone. Also tell the representative that official identification is required to transfer the SIM card number.
  • Create a new Google account and do not use your business phone number for verification.

They are essential for identifying you online and protecting your bank accounts, social media profiles and anything else associated with your Google or Apple account.

Some additional measures

Two-factor system update

Fraud alert! Hackers using SIM-swapping are stealing millions worth of crypto without victim’s knowledge

This is probably the best thing you can do right now to prevent hackers from bypassing your text-based two-factor authentication. If you use Google Authenticator or Authy, you only get SMS security that syncs with your Google account at all times.

To fill in the blanks, you must have a physical key fob for verification. If you have a physical token, you can disable SMS and no hacker can steal your keys. By attaching your digital identity to a keychain, you raise the stakes for hackers and make an attack much less likely.

Try the Google Voice Dialer

Fraud alert! Hackers using SIM-swapping are stealing millions worth of crypto without victim’s knowledge

You can find your number here

Security experts recommend replacing your phone number with a Google Voice number for any service that requires it. They also point out that this can make things very complicated, so it can be difficult to follow the process in day-to-day practice.

Protect your password manager

Fraud alert! Hackers using SIM-swapping are stealing millions worth of crypto without victim’s knowledge

Lastpass VS 1Password

If you use a password manager to store notes, card information, and other private keys, you should upgrade your security or choose a cloud-based application. LastPass and 1Password are the most affordable solutions, so try them out and see which one offers the most security for your basic passwords.

Final considerations

It’s perfectly normal to feel overwhelmed, but you need to understand how important these preventative measures are to your digital identity and crypto currency funds. If you have a strong authentication application and unique passwords for each account, you are already making it incredibly difficult for hackers. In particular, we ask that you let your mobile operators know that you do not carry your SIM card with you without being physically present and that you do not link the 2FA system to your phone number. Invest your time in building additional layers of protection and you will never be the next victim.

Fraud alert! Hackers using SIM-swapping are stealing millions worth of crypto without victim’s knowledge

Kartikeya Gutta, born and raised in India, is a cryptocurrency journalist and freelance writer for the website itsBlockchain. It covers various aspects of the industry through in-depth analysis and research. His passion for blockchain and the crypto-ecosystem is largely because he believes it can truly change the world and help millions of people.

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