Colleagues, when members of the cryptocurrency
ecosystem assess security threats SIM Swap Fraud likely ranks quite low on the
priority list. Nevertheless, for cryptocurrency investors who use
software-based crypto wallets the impact of SIM
Swap Fraud can be
significant. Case I point is the $224m
law suit filed against AT&T by crypto investor Michael Terpin. Such fraud
is a form of identity theft in which thieves convince untrained or unsuspecting
telecom carrier and smartphone vendor support staff of the need to upgrade a
SIM card. In turn the thieves gain access to most all of the phones apps and
security information. The US
Federal Trade Commission has been aware of this scheme for at least two
years, however, there is little evidence that phone manufacturers and carriers
have implemented protocols (e.g. human factors prevention methods) to reduce
such crime. SIM Swap Fraud takes advantage of the rise of cryptocurrency
software wallets and identify theft schemes. Cryptocurrency investors need to assess
the risk-reward level of software vs. hardware vs. paper wallets along with
their vulnerability to ID theft. Bottom line: SIM Swap Fraud is one more
weakness is the broader crypto ecosystem which traders and investors need to
mitigate. Share your comments today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)
Our mission is to provide Training and Certification programs to enable Cryptocurrency, Blockchain and FinTech traders and investors worldwide to achieve their career goals.
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