A new method of hacking is now being employed by hackers knows as SIM swapping. Thieves use this to steal mobile phone numbers, personal information and in some cases cryptos worth millions of dollars from the investors and account holders.
Recently, a victim of this hack had lost approximately US$ 24 million worth of cryptos from his exchange account.
According to Michael Terpin, who is the most recent victim of this kind of hacking, the incident had cost him US $24 million worth of cryptocurrencies and is now suing his mobile service provider AT&T for US $224 million, for their alleged negligence which resulted in the theft.
Lately, cryptocurrency-related theft has now been a growing epidemic. Crypto Aware which is a crypto scam watchdog said approximately $670 million worth of cryptos were stolen during the first three months of this year.
According to the experts in cybersecurity, you can avoid SIM swapping attacks by being vigilant about your mobile numbers. Cybersecurity experts also recommend using alternative authentication methods provided applications such as Google and Microsoft authentications, Authy,among others.
Experts also advises not to store your cryptos on an exchange for a long time. You can also contact your mobile provider to ask for additional security features for your account.