What are the potential risks of SIM card attacks for cryptocurrency users?

3 answers

• Kruse EllegaardFeb 16, 2025 · 9 months ago
  Cryptocurrency users are at risk of SIM card attacks, which can lead to unauthorized access to their accounts and loss of funds. In a SIM card attack, hackers gain control of the victim's phone number by tricking the mobile service provider into transferring it to a SIM card under their control. Once they have control of the phone number, they can reset passwords, bypass two-factor authentication, and gain access to the victim's cryptocurrency accounts. This can result in the theft of funds and compromise of sensitive personal information.
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• Hildebrandt BendixMay 12, 2023 · 3 years ago
  SIM card attacks pose a serious threat to cryptocurrency users. Hackers can exploit vulnerabilities in the mobile service provider's systems to gain control of the victim's phone number. Once they have control, they can intercept SMS messages containing one-time passwords or authentication codes, allowing them to bypass security measures and gain unauthorized access to the victim's cryptocurrency accounts. This highlights the importance of using additional security measures, such as hardware wallets or app-based authentication, to protect against SIM card attacks.
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• redas4Apr 16, 2025 · 7 months ago
  SIM card attacks are a significant concern for cryptocurrency users. These attacks can be devastating as they allow hackers to take control of the victim's phone number, enabling them to bypass security measures and gain access to the victim's cryptocurrency accounts. To protect against SIM card attacks, it is recommended to use strong and unique passwords, enable two-factor authentication using methods other than SMS, regularly monitor account activity, and keep software and devices up to date with the latest security patches.
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