Can a sim swap be used to steal my digital assets?

3 answers

• Nov 24, 2021 · 3 years ago
  A sim swap is a type of scam where a fraudster convinces your mobile service provider to transfer your phone number to a SIM card under their control. Once they have control of your phone number, they can use it to gain access to your online accounts, including cryptocurrency exchanges. By resetting passwords and bypassing two-factor authentication, they can potentially steal your digital assets. It's important to be vigilant and take steps to protect yourself, such as using strong passwords, enabling two-factor authentication, and being cautious of suspicious calls or messages.
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• Nov 24, 2021 · 3 years ago
  Yes, a sim swap can be used to steal your digital assets if proper security measures are not in place. Hackers can use social engineering techniques to trick your mobile service provider into transferring your phone number to a SIM card they control. Once they have control of your phone number, they can gain access to your cryptocurrency exchange accounts and potentially steal your digital assets. To prevent sim swap attacks, it's important to use strong and unique passwords, enable two-factor authentication, and regularly monitor your accounts for any suspicious activity.
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• Nov 24, 2021 · 3 years ago
  While sim swaps can be used to steal digital assets, it's important to note that BYDFi takes the security of its users' assets very seriously. We have implemented robust security measures to protect against sim swap attacks and continuously monitor for any suspicious activity. However, it's still crucial for users to take their own precautions, such as enabling two-factor authentication and using strong passwords. If you have any concerns about the security of your digital assets, please reach out to our support team for assistance.
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