Bitcoin, Crypto currency, Blockchain

Bitcoin Scam: Sim Swapping is a growing Problem

Bitcoin and other crypto currencies, unless they are protected on mobile phones, via the Sim swap to steal – at least on the associated Keys. In California, there is a dedicated task force to address this Problem.

Bitcoin and other crypto-currencies as well as Bank accounts and personal information can be read out for quite some time due to Sim Swapping. This scammer will contact the relevant mobile operator, to come even to the personal passwords. Hackers get access to almost all of the important data connected with the smart phones of the victim and can thus make use of all the associated accounts – whether it’s Bitcoin or Fiat. (Read more here).

The REACT Task Force in the Interview

The REACT Task Force from the Santa Clara, California, was able to take at the end of September, now two men for the theft of crypto-currencies with a total value of 14 million US dollars. Compared to cancer onsecurity members of the task force gave some insights, we want to share with you.

Bitcoin-theft mainly by young people

Accordingly, Samy Tarazi of the REACT Task Force, said that the crimes were in connection with Sim-Swapping up-to-date their highest priorities. Surprisingly, circulating manner, the theft of Bitcoin & co. the number of offenders on a few of the young people:

“For the stolen amounts and the number of people who were able to take successfully, the Numbers are likely to be historical. We talk of children between the ages of 19 and 22 years of age, are able to steal millions of dollars in crypto-currencies. I mean, if someone is robbed of $ 100,000, this is a huge case. But we have to do it now with someone who buys a 99 Cent SIM card from eBay, you plugged in a cheap phone, a phone call, makes millions of dollars stealing. That’s pretty remarkable.“

Crypto-currencies in focus

Noticeable is also that the attacker is interested in the personal data. Rather, it may have, besides the attacker on Bitcoin and other crypto-currencies:

“Many of the victims of Sim Swapping are understandably afraid of how much was given to the price of your personal data for these attacks. But [the attackers] have, especially crypto-currencies in the visor. For that reason alone, because they can be easily washed Online exchanges and transactions must not be reversed“,

REACT Lieutenant John Rose stated.

In order to protect against such attacks, we recommend that ultimately, in the case of the login procedure, in principle, a Two-factor authentication. The Private Keys for Bitcoin & co. for safe-keeping, recommend, in principle, Hardware Wallets.

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