During 2018 we saw a number of SIM swap hack stories sweep through the headlines, it seems that last year really was the year for innovative cyber crime.
SIM Swapping ia a hack that essentially allows the hacker to access a victims phone by mirroring their phone number and getting the victims mobile service provider to provide a ‘SIM swap’, this means the phone becomes registered to a new SIM, one that is accessed by the hacker, meaning the hacker is able to receive verification codes that allow them to log on to the victims cryptocurrency wallets etc.
Once access is gained, they are able to lift funds from the wallets by being able to legitimately bypass one-time passwords, verification codes and two-factor authentication that comes through as a text message or a phone call.
2018 saw a huge volume of reports surface regarding these sorts of scams, simply because they are quite easy to execute and in theory, the hackers are pretty hard to trace too. According to new reports…
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