Amidst the glitter of the digital age, technological advancements not only bring benefits but also introduce new risks. One of the recent threats penetrating the digital world is SIM-Swap. However, what exactly is SIM-Swap? This article will delve into this phenomenon, uncover its roots, and provide insights into how to safeguard oneself from potential security threats that can be detrimental.

What is SIM-Swap?

SIM-Swap, also known as “SIM hijacking” or “SIM porting,” is a fraud technique in which an attacker attempts to transfer a victim's phone number to a SIM card they control. In the context of cryptocurrency, SIM-Swap can be used to access online accounts, including digital wallets and crypto exchanges, with the aim of stealing digital assets.

How SIM-Swap Is Done

• Identity Theft: The attacker obtains the victim's personal information, such as name, address, and date of birth, which is necessary to convince the telecommunications service provider.
• Contact with Service Provider: The attacker contacts the victim's telecommunications service provider, often posing as the victim, and requests the transfer of the phone number to a SIM card in their possession.
• Access to Cryptocurrency Accounts: After successfully transferring a phone number, an attacker can use an SMS-based password recovery method to access the cryptocurrency account associated with that phone number.

SIM-Swap Risks and Impact on Cryptocurrencies

• Access to Digital Wallets: Attackers can access victims' digital wallets and carry out transactions without permission, harming victims financially.
• Potential Loss of Security Insurance: Some cryptocurrency exchanges rely on SMS for two-factor security (2FA). With SIM-Swap, this layer of security can be circumvented, leaving accounts vulnerable to illegal access.
• Financial and Reputational Losses: SIM-Swap victims not only face the risk of losing digital assets, but also reputational risks and further financial losses.

How to Protect Yourself from SIM-Swap

• Telecommunications Services Security Verification: Be sure to enable additional layers of security, such as a PIN or password, on your telecommunications services account.
• Use Strong Security Methods: Avoid using SMS as the primary method for two-factor security (2FA). Use authentication applications or physical security devices for a stronger layer of security.
• Monitor Account Activity Regularly: Always monitor your cryptocurrency account activity. If there is suspicious activity, take immediate action to secure your account.

Challenges in Combating SIM-Swap

• Inability to Control Service Provider Actions: Sometimes, when SIM-Swap occurs, the victim has limited control over the actions of the telecom service provider.
• International Legal Challenges: SIM-Swap investigations and enforcement often involve complex challenges related to international jurisdiction.
• Risks of Publicly Collected Information: Attackers may collect victims' personal information from public sources, making defense against SIM-Swap more difficult.

Conclusion

In a world that continues to evolve digitally, understanding and awareness of SIM-Swap risks is very important. Implementing effective security measures and maintaining caution in providing personal information is key to protecting your cryptocurrency assets from SIM-Swap threats.

How to Buy Crypto from Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti.

To be able to buy crypto assets at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds intowallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.

Monitor graphic movement Bitcoin (BTC) price, Ethereum (ETH), Solana (SUN) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.