Fake Cryptocurrency Investment Scheme Scams: What You Need to Know

What is a SIM-Swapping attack?

SIM Hijacking is another name for SIM switching. In this kind of identity theft, an attacker is able to illegally generate a new SIM card with any phone number and uses it for their own advantage without the original owner’s knowledge or consent.

What was accessed and stolen

In order to acquire unauthorized access to the phones of their victims, the hackers performed SIM-swapping assaults. Over 100 million dollars worth of cryptocurrency was stolen from thousands of people because to this.

Protection against SIM-Swapping attacks

Remember that if you set a PIN number to your smartphone account, you can prohibit SIM-Swapping. However, the method of doing so varies from carrier to carrier, so you’ll need to get in touch with the relevant one. The verification procedure might be further complicated by using a vocal password.

Cryptocurrency scam

As of May 2021, there are around 10,000 digital currencies in circulation throughout the world, with Bitcoin being the most well-known of these. In contrast to Bitcoin, other currencies are commonly referred to as Altcoins, which means “alternative coins.” The list includes well-known altcoins such as Litecoin, Peercoin, Namecoin, and Dogecoin, as well as a large number of lesser-known altcoins such as Monero and Dash.

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