Don’t Fall Prey As The SEC, Here’s How To Prevent A SIM Swap Attack
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Don’t Fall Prey As The SEC, Here’s How To Prevent A SIM Swap Attack

  • The SEC fell prey to a SIM swap attack a day before the Bitcoin ETF approval, you don’t need to fall prey too.
  • Here’s how to prevent a SIM swap attack

From phishing scams to rug pulls, the threat actors that prey on the crypto industry employ several techniques. 

SIM swap attacks have emerged as one of the most weaponized, granting unauthorized parties control of an individual’s or organization’s mobile phone number by transferring the number to a new SIM card. 

SIM swap attacks are often carried out to access valuable information linked to phone numbers and various accounts, including financial accounts such as crypto wallets.

The US Securities and Exchange Commission (SEC) is the latest to fall victim to this technique, highlighting the tenacity of these malicious actors even in the face of those regulating the financial industry.

To help you avoid falling victim to a similar fate, we’ve highlighted some tips and key safety practices to help you stay safe from SIM swap attacks and other similar threats in the crypto industry.

See Also: X Account Hack: US SEC Suffered SIM Swap Attack But Why Did SEC Shut-off Its Multi-factor Authentication

How To Stay Safe From A SEC-like SIM Swap

The SEC SIM swap attack occurred due to the lack of core security layers, such as two-factor or multi-factor authentication on its X account. 

It allowed unauthorized personnel to facilitate a password reset and take over operations.

Use two-factor authentication: Activating and employing authentication tools is crucial to preventing account loss, as is using strong passwords on all sites and devices, including your mobile carrier accounts.

Use authentication apps: Instead, avoid relying solely on SMS-based 2FA and adopt more secure methods like app-based authentication.

Utilize additional, personalized measures: if you use your mobile device for your finances, consider setting up PINs and security questions for your mobile accounts.

Maintain security: Conduct frequent security assessments, such as reviewing updated security-focused policies and configuration settings, to identify and address potential weaknesses in your accounts.

Be suspicious and always double-check: Be wary of emails or forms that ask for your contact and sensitive financial information. Firms rarely, if ever, request information from you in an email or message and will rarely provide links to such forms on a website.

See Also: Verida, cheqd, And FinClusive Team Up To Launch Multipurpose KYC, KYB Digital Solution

Signs Of A SIM Swap Attack

One of the most glaring signs of a SIM swap attack is a password reset notification for your online accounts that you did not initiate. 

If you are locked out of an account or your regular passwords are not working, you may already have suffered an exploit.

Similarly, alerts of unusual changes to your accounts, such as unauthorized transactions or posts, may cause concern. These indicators often signify that an attacker is attempting to or has gained control of a phone number and associated accounts.

If you notice these signs, you can stop or mitigate the impact of such attacks by promptly notifying your mobile carrier of a potential SIM swap. 

Passwords for accounts holding sensitive information should also be changed immediately to prevent damage.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.