What is SIM Swapping?
SIM swapping is a technique that mainly involves the social engineering (or manipulation) of a target’s mobile phone provider. Using personal information obtained on their target, a hacker will attempt to persuade the target’s mobile phone provider to port their phone number over to a SIM card belonging to the hacker. Once the swap occurs, the hacker has essentially hijacked their target’s mobile phone number. One-time passwords, verification codes, and two-factor authorization that goes through a user’s mobile device via phone call or text message gets sent to the hacker.
College Student Steals Millions
College student, 20-year-old Joel Ortiz of Boston, accepted a plea deal for stealing more than $5 million in cryptocurrency from more than 40 victims. Cyber theft has recently and is continuing to be a huge threat to the crypto-currency community. Ortiz pled guilty to the crime and was sentenced to 10 years in prison as part of his plea deal.
You’re Just Lucky
You’re just lucky you haven’t been breached. Over the last few years, several SIM hijackers have been arrested, such as 21-year-old Nicholas Truglia who stole a million dollars in crypto, however authorities say Ortiz is the first person ever to be convicted of a crime involving SIM swapping. This just goes to show Ortiz is not the only person using this social engineering technique but was just one of the many to get caught. These are millions of dollars we are talking about, in the form of digital currency. Be protected and stay engaged in cyber security practices!