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

SIM swap – is a method of substituting a user's SIM card to steal personal data and funds, which has received widespreaddistribution 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 the new SIM card, the fraudster controls the number, gains full access to the user’s accounts, accounts and wallets, thanks to which he can easily withdraw fiat and cryptocurrency. 

How to protect yourself from SIM swapping? 

Multi-factor authentication (MFA) canprovide additional 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 swapping: 

 • Do not answer calls, emailemails or text messages that request your personal information. Attackers can use this information to access your cell phone, bank, credit, or other accounts. 

 • Be aware of what you share online. If possible, avoid posting your full name, address, or phone number on publicly accessible sites. 

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

 • Use multi-factor authentication.

 • Store cryptocurrency in cold wallets.

  If you are a victim of SIM card exchange fraud: 

 • Contact your operator immediatelycellular service in order to regain control of your phone number. Once you have access to your phone number again, change your account passwords.

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

 • Visit your operator's office, where you can write a statement that any actions with the SIM card are carried out only after you present your passport.