As recently as February 22, 2020 at least $45 million worth of cryptocurrency was stolen by an attacker who used one of the oldest tricks in the book: SIM Swapping.
SIM swapping is a simple “human engineering” kind of hack that usually involves convincing the victim’s phone company to move their existing phone number to a phone and SIM that the attacker controls. This is done to bypass 2FA systems where a text message or phone call is used as the last line of defense for account recovery options such as a password reset.
In this guide we will review the simplest approach to avoid having your crypto stolen by an attacker utilizing the same approach
How To Avoid SIM Swap Attacks
Instead of tying SMS to your account recovery, utilize cryptographic 2FA provided by apps such as Authy, Google Authenticator.