In today’s digitised world, safeguarding personal information and digital assets is of great importance. One emerging threat is the SIM swap scam, a sophisticated form of identity theft where fraudsters manipulate mobile carriers to transfer a victim’s phone number to a SIM card under their control. This can lead to unauthorised access to accounts, especially those reliant on SMS-based two-factor authentication (2FA).
Bitcoin Security at Risk
For Bitcoin users, SIM swap scams pose an even greater risk, particularly on centralised exchanges using SMS-based 2FA. Unauthorised access to these accounts could result in substantial financial loss. However, utilising self-custodial wallets, where users control their private keys, significantly reduces this risk by eliminating reliance on telecom-based authentication methods.
Protective Measures and Best Practices
1. Switch to Authenticator Apps: Transitioning from SMS-based 2FA to authenticator apps like Google Authenticator or Authy enhances security by eliminating the vulnerability to SIM swap attacks.
2. Implement Additional Security Measures: Make use of platform-provided security features such as withdrawal address whitelisting and multi-factor authentication whenever possible to add layers of protection to your assets.
3. Stay Careful Against Phishing: Be cautious of unsolicited communications
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