Can sim swap attacks lead to the theft of my cryptocurrency holdings?

3 answers

• Nov 24, 2021 · 3 years ago
  A sim swap attack is a type of scam where a hacker convinces your mobile carrier to transfer your phone number to a new SIM card under their control. This allows them to receive all your incoming calls and messages, including those related to your cryptocurrency accounts. By gaining access to your phone number, the attacker can bypass two-factor authentication (2FA) and gain control over your cryptocurrency holdings. They can then transfer your funds to their own wallets, leaving you with nothing. It's crucial to protect your phone number and enable additional security measures to prevent sim swap attacks.
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• Nov 24, 2021 · 3 years ago
  Sim swap attacks are a serious threat to the security of your cryptocurrency holdings. Once a hacker gains control of your phone number, they can easily bypass 2FA and gain access to your accounts. They can then transfer your funds to their own wallets and disappear without a trace. To protect yourself, make sure to use strong and unique passwords for your cryptocurrency accounts, enable multi-factor authentication (MFA), and be cautious of any suspicious calls or messages asking for personal information. Additionally, consider using a hardware wallet for added security.
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• Nov 24, 2021 · 3 years ago
  Sim swap attacks can indeed lead to the theft of your cryptocurrency holdings. These attacks have become increasingly common and can result in significant financial loss. At BYDFi, we prioritize the security of our users' funds and have implemented robust measures to prevent sim swap attacks. We recommend enabling 2FA and using a hardware wallet for added protection. If you suspect that your phone number has been compromised, contact your mobile carrier immediately to report the issue and take necessary steps to secure your accounts.
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