3 Details Are All It Takes: How SIM Swapping Reaches Your Crypto Account

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.Fraudsters have a new SIM card activated in your name at the mobile operator and intercept every SMS code with it. How the attack on your crypto account unfolds and which settings make it run into the void.In SIM swapping, fraudsters take over your mobile number by having the operator activate a new SIM card in your name. From that moment on, every SMS code lands on their device, including the confirmation code from your crypto exchange. The most effective protection has two steps: two-factor authentication on the exchange account runs through an authenticator app or a hardware key instead of SMS, and a customer password sits with the mobile operator, without which nobody can order a new card over the phone. This is not a theoretical risk. Anyone holding bitcoin or other coins on an exchange loses them for good in a successful attack: a transfer on the blockchain cannot be recalled, and balances at a crypto exchange carry no deposit protection of the kind a bank has. The attack ...