Dear friends, one sad & disturbing news coming , one of the big entrepreneurs of blockchain & crypto has been victimized by a student going boy worth 1.5million dollar plus.
How this fraud happened?
As we all know, in may Consensus 2018 took place, this victim was a part of the event, the scammer and his partners normally target persons involving in bitcoin & Crypto. Then how scammer got all crucial credentials of the victim? Well, scammer hijacks victim's sim this method(Sim hijacking/Swapping) is not new. Now all those SMS having OTP related to crypto going to scammers controlled phone.
All the funds that person has in crypto exchanges like Coinbase, Binance, Bittrex have been stolen.
What exactly is Sim hijacking/Swapping?
Well, a scammer gathers targeted person's information by some means like calling target person pretending as telecom assistant or phishing etc. Now scammer has all details, he gets the sim blocked, then scammer as a customer with ID tries to get the new sim with same no , all he wanted he got, all OTP's related with whether bank transactions or crypto exchanges verifying login process & crypto transaction going to new sim held by the fraudster.
Many people believe that by applying 2 level factor, our funds get safe & secure not vulnerable.
How to be secure?
As we are in a crypto world which is very vulnerable to attacks and we must take all security measures to ensure our funds are safe.
In the past, there were many security breaches on crypto exchanges like Binance, Bancor etc, very huge amount of funds being stolen.
No doubt many improvements still need to be worked on.We have to be 2 step ahead of Hackers/Scammers then only we can be in the safe world so that none of us will lose our hard earned money.
Recommedations
a) Never put your all funds in 1 place try to distribute over different blockchain wallets, exchanges, use instead hardware wallets. for example
Feel safe , secure & worry free by investing some amount to save huge amount
b) Install
c)While choosing 2 level Factor authentication, never choose the method which relies on phone no/sim , like receiving OTP for login & transactions What will happen if your sim gets hacked?. So Choose the Google authenticator app option if they have.
Please share your suggestions related to how we can make our funds more secure.
Thanks for taking out the time to read the article.
Images Source: Google