May 28, 2023

What is SIM swap and how to protect yourself from it?

What is SIM swap and how to protect yourself from it?

SIM swap is a method of replacing a user's SIM card to steal personal data and funds, which has received massive distribution linked to financial services by phone number.

Get personal information and phone numberscammers can use simple phishing. Next, the hackers contact the mobile operator, block the existing SIM-card due to its alleged loss or damage.

Then they ask the provider to activate a newA SIM card attached to the victim’s phone number on the hacker’s phone. If necessary, attackers provide the provider with relevant information obtained through phishing to verify their identity.

After activating a new SIM card, the fraudster controls the number, gets full access to user accounts, accounts and wallets, so he calmly displays fiat and cryptocurrency.

How to protect against SIM swap?

Multiple Factor Authentication (MFA) CanProvide extra account protection. Using MFA, the user must have two passwords, a security key and an authentication application, many of which use fingerprint scanning.

To protect yourself from SIM swap:

• Do not answer calls, emails orText messages that request your personal information. Attackers can use this information to access your cellular, bank, credit, or other accounts.

• Keep track of data shared on the Internet. If possible, avoid posting your full name, address, or phone number on public sites.

• Set a PIN or password on your cellular account. This can help protect your account from unauthorized changes.

• Use multi-factor authentication.

• Store cryptocurrency in cold wallets.

If you become a victim of SIM card swindle fraud:

• Contact your mobile operator immediatelyconnection in order to regain control of your phone number. After you access your phone number again, change your account passwords.

• Check your credit card, bank, and other financial accounts for unauthorized payments or changes.

• Visit your operator’s office where you can write a statement saying that any actions with the SIM card should be carried out only after your passport is presented.