Learn how to protect your online accounts including your crypto like Bitcoin from a SIM swap attack. This is when hackers gain access to your phone. It’s very serious! Learn how you can protect yourself in our expert guide put together here for you.
What is a SIM Attack?
Hackers are getting smarter and smarter and as technology continues to evolve, they are using it to their advantage to carry out unlawful activities. Now with the rise and dependence on mobile phone technology, hackers have come up with a way to access your phone and get into your online accounts like your crypto wallets. A ‘bad actor’ gets your SIM card information transferred from your phone onto theirs. They have the ability to lock you out of your own phone too.
Disturbingly enough it doesn’t just happen if you have your phone stolen and hence the SIM card is removed, it can also happen remotely! This is a SIM swap attack or SIM attack for short. It is criminal behaviour which unfortunately many people have fallen victim to and had their crypto stolen.
How a SIM Attack is Carried Out
There is a whole process to a SIM attack being carried out. Hackers after all are quite strategic and meticulous in their movements. Generally, they will either call up your phone carrier or even go to the physical location of your phone carrier and pose as you. Yes, it can get this intense!
They could have obtained personal information about you from another hack or they may even have an insider at the company who they can call and ask to transfer your data. Once they have control over your phone, this is when they carry out a SIM attack.
Crypto at Risk of SIM Attacks
Given how much we use our mobile phones these days, including for our digital currency, crypto is at serious risk of a SIM attack. Just think of the stress and heartache it would cause if tomorrow your bitcoin account got hacked or your exchange account. Not something you would want to see happen. Having additional security like 2-factor authentication can help in preventing a hacker from getting access to your accounts.
What Happens When Crypto Funds are Stolen
The sad reality is that once your funds are removed from your account and get mixed into global accounts as is the case with most SIM attacks there is little you can do. At least in the current digital landscape. So, your best protection is prevention which as the old saying goes ‘is always better than cure’.
Preventing SIM Attacks to Protect Your Crypto
Your best protection from SIM attacks on your crypto is to take preventive steps from having your phone hacked in the first place. The following are sensible steps you can take:
- Don’t reply to emails, calls, or text messages that request personal information from you. They are likely to be phishing attacks – hackers building trust with you to get your personal information.
- Limit the amount of information you share online, in particular personal information like your full name, address, phone number, etc.
- Set up strong passwords and PINS for your phone account.
- Use extra security measures like multi-factor authorization.
- Be careful with who you allow to use your phone, especially strangers that request to make a call in private and are gone for long periods of time.
- Be mindful of where you put your phone. This reduces your chance of misplacing and losing it.
- Be careful in general with sharing too much information on your digital currency and blockchain activities especially in online forums.
As you can see SIM attacks are a very serious issue and unfortunately are not going to stop anytime soon. So you must do all you can to protect yourself and your money. We hope you implement the steps discussed here.