What is SIM-Swap?
Let's find out SIM-Swap meaning, definition in crypto, what is SIM-Swap, and all other detailed facts.
A SIM Swap is an attack conducted by hackers that takes place when they try to enter into a person's phone and lock them out with the intention to gain access to their important accounts which might also be cryptocurrency wallets. It mainly targets the vulnerabilities of two-factor authentication (2FA) systems.
Research done by Princeton University in January of 2020 showcased that 39 out of 50 attempts by researchers to achieve SIM swaps were deemed successful.
As an example, a SIM swap attack was successfully done on a cryptocurrency businessperson by a 15-year-old student from New York. The consequences of the attack were major since he managed to obtain virtual assets valued at about $24 million.
Similarly, Europol was able to identify a cybercriminal ring responsible for 100 similar assaults. This resulted in $3.7 million in damage.
These types of attacks are typically initiated by hackers messing with a victim's mobile phone service. As an outcome, the criminal connects directly to the victims' information and transfers the phone number to a new SIM card owned by the hacker.
This usually indicates the hacker has entry to the victim's email and has the ability to change any sensitive data such as login details. When a thief acquires control of an individual's cryptocurrency details, particularly information about their crypto wallets, the danger increases.
The far more concerning aspect of SIM switch assaults is the simplicity with which these sorts of crimes may be carried out.
All they have to do is move the victim's mobile carrier number to a new phone number. Hence, there are various methods for porting the mobile carrier number to the hacker's new number. These include phishing or just purchasing information about the target.
It is important to note though that, sadly, there is nothing you can do once your savings have been withdrawn from your account and transferred to global accounts.