Cryptocurrency Users Targeted in Recent SIM Swapping Attacks

Several cryptocurrency users were recently impacted by SIM swapping attacks. SIM swapping is conducted by threat actors to gain access to a target’s SMS text messages in order to circumvent multi-factor authentication (MFA). This most recent wave of SIM swapping attacks occurred against US-based cryptocurrency users. The NJCCIC advises all users to establish account PINs with their mobile phone providers to prevent individuals without that PIN from making changes to their account. While criminals are successfully circumventing MFA in some cases, it is still one of the best security options users can enable to prevent account compromise. More information on the SIM Swapping attacks can be found in the ZDNet article, and more information about MFA can be found in the NJCCIC This is Security post.