How easy is a SIM card swap hack and how to protect against it?

Because SIM card swapping attacks are often considered to require little technical skill, users should exercise due diligence in security of their identity. Follow up Join us on social networks

Despite the rise of cybersecurity infrastructures, online identity still faces many risks, including those related to the hacking of its telephone numbers.

In early July, LayerZero CEO Bryan Pellegrino became one of the latest victims of a SIM swapping attack that saw hackers briefly take over his Twitter account.

And... we're back. It was basically my life for the last 24 hours. Luckily we saw the hack immediately and the battle began pic.twitter.com/pjrkMfQ2vT

— Bryan Pellegrino (@PrimordialAA) July 5, 2023

"Guess someone took my badge out of the trash and managed to trick a rep into using it as a form of ID for SIM swapping while I was leaving Collision," wrote Pellegrino shortly after having his Twitter. account return.

"It was 'Bryan Pellegrino - speaker' just your normal paper conference badge," Pellegrino told Cointelegraph.

The incident involving the Pellegrino misadventure may lead users to assume that performing a SIM card swap hack is as easy as simply grabbing someone's badge. Cointelegraph has contacted some cryptocurrency security companies to find out if this is the case.

What is a SIM card swap hack? What is his size?

A SIM swap hack is a form of identity theft in which attackers steal a victim's phone number, allowing them to access bank accounts, credit cards, or crypto accounts.

In 2021, the Federal Bureau of Investigation received more than 1,600 SIM card swapping complaints involving losses of more than $68 million. This represented a 400% increase in the number of complaints received over the previous three years, indicating that SIM card swapping is “definitely on the rise,” CertiK Security Operations Director...