How can sim swapping affect the security of cryptocurrency wallets?

3 answers

• AYRA KHANSep 02, 2024 · a year ago
  Sim swapping is a form of fraud where an attacker convinces a mobile carrier to transfer a victim's phone number to a new SIM card under the attacker's control. This can be done through social engineering techniques or by bribing employees. Once the attacker has control of the victim's phone number, they can gain access to any accounts that rely on SMS-based two-factor authentication (2FA), including cryptocurrency wallets. By intercepting the 2FA codes sent to the victim's phone, the attacker can bypass the security measures and gain control of the victim's cryptocurrency assets.
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• Houghton MathisSep 13, 2020 · 5 years ago
  Sim swapping is a serious threat to the security of cryptocurrency wallets. With access to a victim's phone number, an attacker can easily reset passwords and gain control of the victim's accounts. This is especially dangerous for cryptocurrency wallets, as they often store large amounts of digital assets. Once the attacker has control of the wallet, they can transfer the funds to their own accounts and the victim may never be able to recover their assets. It is important for cryptocurrency users to be aware of this threat and take steps to protect their phone numbers and wallets.
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• Church IveyAug 13, 2024 · 2 years ago
  Sim swapping is a growing concern in the cryptocurrency community. It has the potential to completely bypass the security measures put in place to protect cryptocurrency wallets. At BYDFi, we take sim swapping seriously and have implemented additional security measures to protect our users. We recommend using hardware wallets and multi-factor authentication methods that do not rely on SMS-based codes. It is important for users to be vigilant and report any suspicious activity to their mobile carriers and cryptocurrency exchanges.
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