As cryptocurrency becomes more popular, so does the increase in threats to gain information on the owner’s data. There was a warning that was made by the FBI against the attacks on the cryptocurrency exchanges and holders.

The techniques used to gather information includes sim swapping, tech support fraud, and account stealing.

A Sim Swap attack is a method used through the use of the user’s telephone number. Once the perpetrator knows the telephone number, it can then proceed to use identity theft by fooling the technical support representatives that the user has lost or ruined the sim card.

The current recommendation made by the FBI to the cryptocurrency holders is to use the two-factor authentication at all times and be careful on what information is posted on social media. The sim swap attacks however, are still proven to be difficult to avoid.

Stay safe out there!