09.12.2021

How to protect your cryptocurrency account from duplicate SIM card fraud?

Fraudsters have begun to actively use the new fraudulent scheme to gain access to Russian bank accounts. Under the threat there may be users  cryptocurrency . 

“Hackers gain access to bank accounts of their victims with the help of the substitution SIM-card and steal money”, –  informs  RIA “Novosti”, referring to the information antivirus software vendor ESET. 

Scammers make duplicate SIM cards and steal victims’ funds from bank accounts. 

Cryptocurrency users are also at risk. 

For protection, we recommend using two-factor authentication using applications such as Google Authenticator.

The essence of the fraud is as follows:

  • Attackers find victims on social networks. As a rule, these are businessmen.
  • By all means, they try to find out the phone number of the interlocutor. This is often done with the help of an offer to transfer the communication to some kind of messenger. 
  • Then the attackers turn to the operator with a request to get a duplicate SIM card.
  • Having received a duplicate SIM card, fraudsters withdraw money from bank accounts. Gaining access to your personal account is done through recovery by phone number. 

Banks cannot prevent such fraud in any way, because for them the owner of the SIM card is the owner of the bank account. 

As for cryptocurrency users, they are also at risk. In the West, fraud has long been practiced when an attacker gains access to the victim’s exchange account by swapping a SIM card. So, in 2020, an Irish resident was jailed for 3 years for stealing $ 2.5 million in bitcoins in this way . 

How can you protect yourself from such fraud? 

As for the theft of funds from bank accounts, experts advise issuing a virtual number in the mobile operator’s application and using it to bind to financial services. It is important not to share this number with anyone. It is also recommended to activate PUSH notifications so that the access restoration code would not come in the form of SMS, but in the form of PUSH to the phone. 

Cryptocurrency users should use Google Authenticator or similar two-factor authentication apps. All financial transactions will be confirmed using a special code that is generated by the application. 

We recommend using Google Authenticator to keep your cryptocurrencies safe. Just be sure to save the key for setting up Google Authenticator. If you suddenly lose your phone or it breaks down, then without this key you will not be able to log into your account.

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