How to stop SIM swap scammers from stealing your Cryptocurrency?

A SIM swap occurs when someone persuades your carrier to transfer your phone number to a SIM card that they own. They’re not doing it for prank calls or to rack up long-distance fees. Scammers can quickly complete the text-based two-factor authentication checks that protect your most sensitive accounts by diverting your incoming messages. Alternatively, if you don’t have 2FA enabled in the first place, they can use your phone number to trick services into revealing your passwords.

There is hardly any time to take action when a bad SIM swapper attacks you. A reasonably calculated individual can exploit somebody’s internet presence in most cases. It is because, in the end, the mechanics of SIM swaps are primarily beyond your grasp. Complete security compliance will not always hold somebody from deceiving your mobile carrier. Also, Flashpoint has found proof that SIM swappers acquire retail employees at cellphone stores to obtain access to secure accounts. A complete SIM swap solution would necessitate reconsidering the role of contact numbers in 2018. Earlier, phone numbers were not used to identify people or control their bank accounts. But today, they serve as a gateway to every account you have, which exponentially increases the chances of SIM swap.

Recently, a cryptocurrency investor stated that a SIM swap contributed to $23.8M in tokens fraud. He sued his mobile carrier, AT&T, for ten times that amount. In addition, Motherboard reported recently on a series of scandals in which SIM swappers stole millions of dollars from people’s bank accounts.

The most recent scenario includes a 23-year-old guy from Brockton, Massachusetts, who was arrested and charged by the US Justice dept for supposedly taking control of the online social media profiles, often unidentified victims and stealing over $530K in bitcoin from them.

So, if you are a crypto investor and are scared of a SIM swap attack and its consequences, fear not. You can take action to mitigate the likelihood of a SIM swap attack happening to you—and its products as well. Here is how:

Tips to Prevent SIM Swap Attacks and Save Your Cryptocurrency

The Federal Trade Commission (FTC) advises a few measures to avoid SIM swap attacks. To begin, you should never respond to emails, phone calls, or SMS requesting personal details. These are most likely spoofing threats, in which attackers seek to obtain customers’ confidence to get personal information, including but not limited to credit card details or social security numbers. Furthermore, the FTC advises people to reduce the amount of data they share on social media and refrain from using their full name, phone number, or address on public websites if feasible. This data gives hackers more data with which to carry out their fraud. The FTC also recommended that people create PINs or passcodes for their mobile phone accounts if identity thieves try to contact telecommunications companies. Read more about how to wpc2027 register

Here is a detailed look into the tips to prevent SIM swap attacks and save your Cryptocurrency:

Add a Pin

All significant US mobile carrier allows you to add a Passcode or a PIN to your account. Getting one adds an extra layer of defence. It will not protect you from internal threats, but it is still better than doing nothing at all.

T Mobile

You must contact T-Mobile instead; dial 611 from your cellphone and ask to add “Port Validation” to your profile, which allows you to use a six to fifteen digit PIN. Now, sign in to your account on Sprint, click on it, followed by profile and security.

AT&T

AT&T allows you to create a 4 to 8 digit wireless passcode by heading to your account, followed by Sign-in info, and Getting a new security code. You must also enable “extra security,” which implies that you’ll need the passcode to maintain your online account. You could indeed discover it by returning to Sign-in info, followed by Wireless passcode, and selecting Manage extra security.

Verizon

Verizon also requires a PIN, but to enable it and modify it, go to their website and log in to your account. Insert your preferred PIN two times and then click Submit.

Remembering a PIN is not easy, mainly when you have used it in years, but having one can substantially enhance your mobile security and provide you with SIM swap protection.

Use 2FA

Acquiring your 2FA (two-factor authentication) codes via SMS seems like a good idea, but it is not. It will not help you at all if you are SIM swapped. Now, the question is, what will be effective? Your answer is an authentication app. Applications like Authy and Google Authenticator provide that added level of security that text-based 2FA does. But they also bind it to your mobile phone device instead of the contact number delegated to you by your phone provider. They display a six-digit password that changes every 30 seconds and is always in alignment with the service to which you link them.

Get Efani

Efani is the safest mobile service. It guarantees protection against SIM swaps, location tracking, and eavesdropping. They offer:

  1. Military-grade verification through 11-step authentication and integrity checks to prevent SIM swapping.
  2. They encrypt your data by disconnecting your device’s personal and private information.
  3. They provide support 24/7/365.
  4. They cover you for financial losses caused by a SIM swap by Insurance coverage of up to $5 million.

Additional Precautions

If an attacker has your contact number linked with a few of your accounts online, they can easily bypass 2FA entirely doesn’t only SIM swap you but drain your funds too. So, avoiding using your phone number to verify your accounts is challenging but worth a shot.

However cliched it may seem, the other thing you can do is to be vigilant. You have misplaced your SIM if your mobile phone mysteriously stops functioning or texts quit going through. The quicker you take action to prevent account hijacking from occurring, the better off you will be.

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About the Author: Gaurav Gupta

Gaurav Gupta is an SEO expert,writer and blogger with a strong passion for writing. He shares views and opinions on a range of topics such as Business, Health/Fitness, Lifestyle, Parenting and lot more.

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