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How easy is a SIM swap hack and how does one guard against it?

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As SIM swap attacks are often seen as non-demanding in terms of technical skills, users must pay due diligence to their identity security.

Despite the rise of cybersecurity infrastructure, the online identity still faces many risks, including those related to the hacks of one’s phone numbers.

In early July, LayerZero CEO Bryan Pellegrino became one of the latest victims of a SIM swap attack, which allowed hackers to briefly take over his Twitter.

And... we're back in. This was basically my life for the past 24 hours. Luckily we saw hack immediately and the battle began pic.twitter.com/pjrkMfQ2vT

— Bryan Pellegrino (@PrimordialAA) July 5, 2023

“My guess is that somebody grabbed my badge out of the trash and somehow was able to trick a rep into using it as a form of ID for the SIM swap while I was leaving Collision,” Pellegrino wrote soon after having his Twitter account back.

“It was ‘Bryan Pellegrino — speaker’ just your normal paper conference badge,” Pellegrino told Cointelegraph.

The incident involving Pellegrino’s mishap may lead to users assuming that performing a SIM swap hack is as easy as just grabbing someone’s badge. Cointelegraph has reached out to some cryptocurrency security firms to find out whether that’s the case.

What is a SIM swap hack? How big is it?

A SIM swap hack is a form of identity theft where attackers take over a victim’s phone number, allowing them to gain access to bank accounts, credit cards or crypto accounts.

In 2021, the Federal Bureau of Investigation received more than 1,600 SIM swapping complaints involving losses of more than $68 million. This represented a 400% increase in the number of complaints received in the three prior years, indicating that SIM swapping is “definitely on the rise,” CertiK’s director of security operations Hugh Brooks told Cointelegraph.

“If there is no move away from SMS-based 2FA and telecommunications providers do not lift their security standards, we are likely to see attacks continue to grow,” Brooks stated.

According to SlowMist chief information security officer (CISO) 23pds, SIM swapping is currently not too widespread, but it has a significant potential to rise further in the near future. He stated:

“As the popularity of Web3 grows and attracts more people into the industry, the likelihood of SIM swapping attacks also increases due to its relatively lower technical requirements.”

23pds mentioned a few cases involving SIM swap hacks in crypto over the past few years. In October 2021, Coinbase officially disclosed that hackers stole crypto from at least 6,000 customers due to a 2FA breach. Previously, British Hacker Joseph O’Connor was indicted in 2019 for stealing roughly $800,000 in crypto via multiple SIM swap hacks.

How hard is it to perform a SIM swap hack?

According to CertiK’s exec, SIM swap hacking can often be done with information that is publicly available or can be obtained through social engineering.

“Overall, SIM swapping might be seen as a lower barrier to entry for attackers when compared to the more technically demanding attacks like smart contract exploits or exchange hacks,” Brooks said.

SlowMist’s 23pds agreed that SIM swapping doesn’t require high-level technical skills. He also noted that such SIM swaps are “prevalent even in the Web2 world,” so it's “not surprising” to see it emerge in the Web3 environment as well.

“It is often easier to execute, with social engineering being used to deceive relevant operators or customer service personnel,” 23pds said.

How to prevent SIM swapping hacks?

As SIM swap attacks are often seen as non-demanding in terms of hackers’ technical skills, users must pay due diligence to their identity security to prevent such hacks.

The core protection measure from a SIM swap hack is to restrict the usage of SIM card-based methods for 2FA verification. Instead of relying on methods like SMS, one should better use apps like Google Authenticator or Authy, Hacken’s Budorin noted.

SlowMist CISO 23pds also mentioned more strategies like multi-factor authentication and enhanced account verification like additional passwords. He also strongly recommended users to establish strong PIN or passwords for SIM cards or mobile phone accounts.

Related: Over $765K worth of NFTs stolen after SIM swap attack on Gutter Cat Gang

Another measure to avoid SIM swapping is to properly protect personal data like name, address, phone number and date of birth. SlowMist CISO also recommended scrutinizing online accounts for any anomalous activity.

Platforms should be also responsible for promoting safe 2FA practices, CertiK’s Brooks stressed. For example, firms can require additional verification before allowing changes to account information and educate users about the risks of SIM swapping.

Additional reporting by Cointelegraph editor Felix Ng.

Magazine: Asia Express: China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival

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  • 14.10.25 08:46 robertalfred175

    CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK. My name is Robert Alfred, Am from Australia. I’m sharing my experience in the hope that it helps others who have been victims of crypto scams. A few months ago, I fell victim to a fraudulent crypto investment scheme linked to a broker company. I had invested heavily during a time when Bitcoin prices were rising, thinking it was a good opportunity. Unfortunately, I was scammed out of $120,000 AUD and the broker denied me access to my digital wallet and assets. It was a devastating experience that caused many sleepless nights. Crypto scams are increasingly common and often involve fake trading platforms, phishing attacks, and misleading investment opportunities. In my desperation, a friend from the crypto community recommended Capital Crypto Recovery Service, known for helping victims recover lost or stolen funds. After doing some research and reading multiple positive reviews, I reached out to Capital Crypto Recovery. I provided all the necessary information—wallet addresses, transaction history, and communication logs. Their expert team responded immediately and began investigating. Using advanced blockchain tracking techniques, they were able to trace the stolen Dogecoin, identify the scammer’s wallet, and coordinate with relevant authorities to freeze the funds before they could be moved. Incredibly, within 24 hours, Capital Crypto Recovery successfully recovered the majority of my stolen crypto assets. I was beyond relieved and truly grateful. Their professionalism, transparency, and constant communication throughout the process gave me hope during a very difficult time. If you’ve been a victim of a crypto scam, I highly recommend them with full confidence contacting: 📧 Email: [email protected] 📱 Telegram: @Capitalcryptorecover Contact: [email protected] 📞 Call/Text: +1 (336) 390-6684 🌐 Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 18:07 crypto

    Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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