Arrest Made in $46 Million Dollars Cryptocurrency SIM Swap Theft
November 23, 2021 - Hamilton Police, Canada made an arrest by tracing some of the stolen cryptocurrency which was used to purchase an online username. Subsequent investigation revealed the account holder name and led to the Hamilton teen.
Hamilton Police made multiple cryptocurrency seizures valued over $7 Million CAD.
According to the Hamilton Police Report the victim located in the United States and suffered a SIM swap attack, where the threat actors pretext the victim's mobile provider to duplicate phone numbers so the threat actors can intercept two-factor authorization requests such as SMS. Putting the loss at $36.5 million, this is the largest loss of cryptocurrency from a single US victim.
How can you best protect yourself from a SIM swap attack? Here are some tips.
Make sure your account is protected by enabling account takeover protection. This action reduces the risk of porting your number without your explicit authorization.
Where possible, require in-person changes only.
Don’t reply to calls, emails or texts that request personal information.
Use multi-factor authentication. Preferably usage an authentication app such as Google Authenticator, or Authy for critical accounts.
Protect the physical device by enabling facial or PIN protection.
Keep your email inbox clean. Don't store passwords, PIN or anything does not belong there.
If possible share your landline vs. your mobile.
Reduce your personal information footprint online as much as possible such as your pet name, high school mascot, parent information, etc.